New York, January 20, 2017 -- Moody's Investors Service ("Moody's") comments that the Preliminary Agreement signed by Samarco Mineracao S.A. (C no outlook), Vale S.A. (Ba3 Stable) and BHP Billiton Brasil Ltda (unrated), a subsidiary of BHP Billiton Limited (A3 Stable), and the Federal Prosecutors' Office in Brazil is credit positive for Samarco and its shareholders, as it establishes the process and time frame for a final agreement to be concluded by June 30, 2017, which would settle the two civil public actions related to Samarco's dam collapse in November 2015. However, the final agreement may entail additional liabilities to Samarco and its shareholders.

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