...+ Cliffs Natural Resources Inc. has a reduced debt load and extended maturity profile after incorporating its proposed equity and notes issuance, as well as improved earnings prospects for 2017 and stronger market conditions for iron ore. + The company has announced a $591 million equity issuance and the tender offer for high-cost debt. + We are raising our long-term corporate credit rating on Cliffs Natural Resources to 'B' from '###+'. The outlook is stable. We are also raising our issue-level ratings on Cliffs' asset-based lending (ABL) credit facility and 8.25% first-lien notes to '##-' from 'B'. The recovery rating on the debt remains '1'. In addition, we are raising our issue-level rating on the company's senior unsecured debt to '###+' from ###-'. The recovery rating on the debt remains '6'. + At the same time, we are assigning our 'B' issue-level rating and '3' recovery rating to the company's proposed $500 million senior unsecured guaranteed notes due 2025. + The stable outlook...
