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S&P lowers Cliffs Natural
Standard & Poor’s said it lowered the corporate credit rating on Cliffs Natural Resources Inc. to CC from B.
The outlook is negative.
The agency also said it lowered the ratings on the company’s second-lien notes to CC from BB- and on its senior unsecured notes to CC from B.
The rating on the first-lien debt remains unchanged at BB-.
The action reflects news of the company’s Jan. 27 private debt exchange offer for its second-lien and senior unsecured debt, S&P said.
The agency said it also lowered the corporate credit rating and the issue-level ratings on the affected debt because this is viewed as a distressed exchange.
If the exchange offer proceeds, S&P said it intends to lower the corporate credit rating to SD (selective default) and the affected issue-level ratings to D.
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