Iron Ore Producer Cliffs Natural Resources Rating Lowered To 'CC' On Likely Selective Default; Outlook Negative - S&P Global Ratings’ Credit Research

Iron Ore Producer Cliffs Natural Resources Rating Lowered To 'CC' On Likely Selective Default; Outlook Negative

Iron Ore Producer Cliffs Natural Resources Rating Lowered To 'CC' On Likely Selective Default; Outlook Negative - S&P Global Ratings’ Credit Research
Iron Ore Producer Cliffs Natural Resources Rating Lowered To 'CC' On Likely Selective Default; Outlook Negative
Published Jan 28, 2016
4 pages (1378 words) — Published Jan 28, 2016
Price US$ 150.00  |  Buy this Report Now

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Abstract:

U.S.-based iron ore producer Cliffs Natural Resources Inc. has announced a private debt exchange offer for its second-lien and senior unsecured debt. The exchange of up to $710 million of aggregate principal would be funded by newly issued 8.00% 1.5-lien senior secured notes due 2020. Holders that tender their notes will receive compensation substantially below the original principal amount. We are lowering our corporate credit rating on Cliffs to 'CC' from 'B' and our issue-level ratings on the company's second-lien notes to 'CC' from 'BB-' and on its senior unsecured notes to 'CC' from 'B'. The negative outlook reflects the potential that we would lower the corporate credit rating to 'SD' and the ratings on the affected issues to 'D'

  
Brief Excerpt:

...+ U.S.-based iron ore producer Cliffs Natural Resources Inc. has announced a private debt exchange offer for its second-lien and senior unsecured debt. + The exchange of up to $710 million of aggregate principal would be funded by newly issued 8.00% 1.5-lien senior secured notes due 2020. + Holders that tender their notes will receive compensation substantially below the original principal amount. + We are lowering our corporate credit rating on Cliffs to '##' from 'B' and our issue-level ratings on the company's second-lien notes to '##' from '##-' and on its senior unsecured notes to '##' from 'B'. + The negative outlook reflects the potential that we would lower the corporate credit rating to '##' and the ratings on the affected issues to 'D' if the exchange proceeds. DALLAS (Standard & Poor's) Jan. 28, 2016--Standard & Poor's Ratings Services said today it lowered its corporate credit rating on Cleveland-based iron ore producer Cliffs Natural Resources Inc. to '##' from 'B'. The outlook...

  
Report Type:

Ratings Action

Ticker
CLF
Issuer
Cleveland-Cliffs Inc.
GICS
Steel (15104050)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Iron Ore Producer Cliffs Natural Resources Rating Lowered To 'CC' On Likely Selective Default; Outlook Negative" Jan 28, 2016. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Iron-Ore-Producer-Cliffs-Natural-Resources-Rating-Lowered-To-CC-On-Likely-Selective-Default-Outlook-Negative-1569848>
  
APA:
S&P Global Ratings’ Credit Research. (). Iron Ore Producer Cliffs Natural Resources Rating Lowered To 'CC' On Likely Selective Default; Outlook Negative Jan 28, 2016. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Iron-Ore-Producer-Cliffs-Natural-Resources-Rating-Lowered-To-CC-On-Likely-Selective-Default-Outlook-Negative-1569848>
  
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