On November 19, 2025, Moody's reaffirmed Vale S.A.’s Baa2 rating with a stable outlook, noting its strong market position and solid financial metrics with leverage below 1.5x. For the 12 months ending September 2025, Vale reported net operating revenue of $37.5 billion, supported by $6.1 billion in cash and a stable production forecast of 340-360 million tons for iron ore in 2026.