...- U.S.-based iron ore and steel producer Cleveland-Cliffs Inc. repurchased $736 million of various unsecured notes at a discount to par, but roughly in line with market prices at the time. - We view the transaction as opportunistic rather than distressed, in part, because we don't believe there would have been a realistic possibility of conventional default in the near to medium term if the repurchases had not occurred. - We are affirming our 'B-' issuer credit rating on Cleveland-Cliffs. - We are lowering our issue-level ratings on Cliffs' senior secured debt to 'B' from 'B+'. In addition, we are lowering our issue-level ratings on Cliffs' guaranteed senior unsecured debt to '###' from '###+'. We are affirming our '###' issue-level ratings on the company's nonguaranteed senior unsecured debt. - The negative outlook continues to reflect our view that debt leverage will remain high over the next 12 months, in the 7x-10x EBITDA range....
