On Sept. 8, 2008, Standard&Poor's Ratings Services assigned its 'BBB-' corporate credit rating to Cleveland-based Cleveland-Cliffs Inc. At the same time, we assigned our 'BBB-' issue-level rating to the company's proposed $1.9 billion senior unsecured term loan A due 2013. In addition, we assigned a 'BBB-' rating to its existing $800 million senior unsecured credit facilities, which are comprised of a $600 million revolving credit facility due 2012 and a $200 million term loan also due 2012. The issue-level ratings on the facilities are the same as the corporate credit rating on the company. The proposed term loan rating is based on preliminary terms and conditions. The outlook is stable. Proceeds from the proposed bank facility, in addition
