S&P Global Ratings expects Cleveland-Cliffs Inc.?s (Cliffs) adjusted leverage to remain around 2x due to the company's reduced pension obligations and funded debt levels and our belief that renewed contracts, pricing, and industry trends should generate solid earnings over the next year. As a result, we raised our issuer credit rating (ICR) on Cliffs to 'BB-' from 'B+'. Our stable outlook reflects our expectation that leverage should remain below 3x over the next year, even as steel prices fall from historical highs. We also revised our issue-level ratings on the company's senior unsecured debt to 'BB-' from 'B+', its senior secured debt to 'BB+' from 'BB', and its subordinated debt to 'B' from 'B-', all in line with the raised
