Brazil's mining giant Companhia Vale do Rio Doce (CVRD) recovered the BBB rating attributed by Standard & Poors, removing the company from its CreditWatch list, the international credit rating firm said on Tuesday.

Standard & Poors also reaffirmed CVRD's rating as brAAA, an index from the firm's classification table destined for Brazilian companies.

In both BBB and brAAA, the company's position as a holder is considered stable, and can be ranked as positive if CVRD quickly reduces its level of debts.

Additionally, Standard & Poors pointed out that CVRD should be more transparent about the benefits resulting from operations in the nickel, copper and charcoal markets if it is hoping to get a better rating.

Canada's nickel giant Inco, acquired by CVRD last year, recovered its BBB rating and was removed from the CreditWatch list, which had listed it since Oct. 2006, according to Standard & Poors.

The reclassification was linked to CVRD's successful attempt to renegotiate 84 percent of the loan it used in the acquisition of Inco.

Standard & Poors regarded the effects of the acquisition as positive, due to the possibility of diversification of CVRD's businesses.

Source: Xinhua