Vale Slumps to Five-Week Low as S&P Cuts Rating on Ore Price
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Vale SA, the world’s largest iron-ore producer, tumbled to a five-week low after Standard & Poor’s cut its rating for the first time since 2006 amid a slump in prices for the raw material.
Shares of the Rio de Janeiro-based company dropped 4.6 percent to 17.48 reais at the close of trading in Sao Paulo, contributing most to the Ibovespa’s 0.4 percent loss. The stock was the worst performer among the world’s biggest mining companies today. The company’s benchmark bonds due in 2022 slipped 0.37 cent to 96.32 cents on the dollar.