NEW YORK (Standard&Poor's) Nov. 19, 2008--Standard&Poor's Ratings Services said today that it withdrew its ratings, including its 'BBB-' corporate credit and senior unsecured debt ratings, on Cleveland, Ohio-based Cliffs Natural Resources Inc. The rating withdrawal follows the recent announcement by Cliffs and Alpha Natural Resources Inc. that their previously agreed-to merger, under which Cliffs would have acquired all outstanding shares of Alpha, would be terminated after considering various issues, including the current macroeconomic environment, uncertainty in the global steel industry, shareholder dynamics, and risks and costs of potential litigation. Under the terms of the settlement agreement, Cliffs will pay Alpha $70 million.
