...DALLAS (S&P Global Ratings) July 31, 2017--S&P Global Ratings today affirmed its 'B' issue-level rating on U.S.-based iron ore producer Cliffs Natural Resources Inc.'s 5.75% $1.075 billion senior unsecured notes due 2025, including the proposed $575 million additional notes offering. Proceeds will primarily be used to fully repay $504 million outstanding under the 8.25% first lien notes due 2020. The '3' recovery rating is unchanged, which indicates our expectation for meaningful recovery (50%-70% range; rounded estimate: 60%) in the event of a payment default. However, we revised our rounded estimate upward to 60% from 50% as a result of improved recovery prospects driven by the first lien notes repayment. The corporate credit rating is unchanged at 'B', with a stable outlook. For the corporate credit rating rationale, see the research update on Cliffs Natural Resources Inc. published on Feb. 10, 2017. RECOVERY ANALYSIS Key analytical factors: + Our recovery analysis assumes that Cliffs...
