We expect U.S.-based Cliffs Natural Resources Inc.'s operating performance and liquidity will be worse than we previously estimated due to lower-than-expected iron ore and metallurgical coal prices. We are affirming our ratings on Cliffs, including the 'BBB-' corporate credit rating, and are revising our outlook to negative. The negative rating outlook reflects our view that Cliffs' debt burden is high relative to its EBITDA and cash flow generation in the current price environment. On Dec. 5, 2012, Standard&Poor's Ratings Services revised its 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-' corporate credit rating. The outlook
