We expect Cliffs Natural Resources Inc.'s operating performance and credit measures will deteriorate in the near term due to lower iron ore prices. We are revising our rating outlook on Cliffs to negative from stable. We are also affirming our ratings on the company, including the 'BBB-' corporate credit rating. The negative outlook reflects our view that Cliffs higher cost structure will aggravate the negative effect of lower iron ore prices on credit measures and operating performance. On June 11, 2014, Standard&Poor's Ratings Services revised its rating outlook on Cleveland-based mining and natural resources company Cliffs Natural Resources Inc. to negative from stable. At the same time, we affirmed all of our ratings on Cliffs, including the 'BBB-'
