...- On August 13, 2023, Cleveland-Cliffs Inc. (Cliffs) publicly announced its intention to acquire all the shares of United States Steel Corp. (USS), a transaction that reflects an enterprise value of approximately $10 billion. - Cliffs is proposing to fund half of the acquisition with cash, and it is advancing its debt funding plans. - As a result, we placed our '##-' issuer credit rating on CreditWatch with developing implications. - At the same time, we also placed all issue-level ratings on CreditWatch with developing implications. This includes the '##-' issue-level rating on the senior unsecured debt, '##+' issue-level rating on the senior secured debt, and 'B' issue-level rating on the subordinate debt. - We expect to resolve the CreditWatch placement only once the credit trajectory clears up, which will likely require a definitive path on any potential transaction and associated debt plans....
