NEW YORK (Standard&Poor's) Feb. 13, 2013 – Standard&Poor's Ratings Services said today that Cliffs Natural Resources Inc.'s (BBB-/Negative/--) announcement that it plans to issue 9 million common shares and 20 million mandatory convertible preferred shares to reduce its debt, as well as cut its dividend by 76%, will not affect the rating or outlook on the company at this time. We will reassess the rating and outlook when Cliffs completes its equity offering. If as a consequence of these actions, it appears that leverage would be reduced to about 3x or lower, we would likely revise the outlook to stable. Cliffs Natural Resources Inc. is the largest producer of iron ore pellets in North America, a
