Cliffs Natural Resources Inc. cut its dividend and priced an offering of common and mandatory convertible preferred shares, as part of a plan to reduce leverage. We are revising our outlook on Cliffs to stable from negative. At the same time, we are affirming all ratings on the company, including the 'BBB-' corporate credit rating. The stable outlook reflects our view that Cliffs' equity issuance and dividend cut demonstrate a strong commitment to an investment-grade profile, even though credit metrics may remain somewhat weak for the rating under our price assumptions. On Feb. 21, 2013, Standard&Poor's Ratings Services revised its outlook on Cleveland-based mining and natural resources company Cliffs Natural Resources Inc. to stable from negative. At the
