Research Update: Cliffs Natural Resources Inc. Rating Raised To 'CCC+' On Debt Exchange, Outlook Negative; Other Rating Actions Taken - S&P Global Ratings’ Credit Research

Research Update: Cliffs Natural Resources Inc. Rating Raised To 'CCC+' On Debt Exchange, Outlook Negative; Other Rating Actions Taken

Research Update: Cliffs Natural Resources Inc. Rating Raised To 'CCC+' On Debt Exchange, Outlook Negative; Other Rating Actions Taken - S&P Global Ratings’ Credit Research
Research Update: Cliffs Natural Resources Inc. Rating Raised To 'CCC+' On Debt Exchange, Outlook Negative; Other Rating Actions Taken
Published Apr 14, 2016
9 pages (3165 words) — Published Apr 14, 2016
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

U.S.-based iron ore producer Cliffs Natural Resources Inc. has completed a debt exchange offer in which $512 million in debt principal consisting of second-lien notes and various senior unsecured notes was exchanged for $219 million in new 8.00% 1.5-lien senior secured notes due 2020. We are raising the corporate credit rating to 'CCC+' from 'SD'. This indicates the completion of the exchange, but underscores that we continue to view Cliffs' capital structure as unsustainable at this time. We are assigning our 'B' issue-level rating to the new 1.5-lien notes. The recovery rating is '1'. We are lowering our issue-rating on the first-lien notes to 'B' from 'BB-', reflecting the new corporate credit rating. The recovery rating on the notes remains

  
Brief Excerpt:

...U.S.-based iron ore producer Cliffs Natural Resources Inc. has completed a debt exchange offer in which $512 million in debt principal consisting of second-lien notes and various senior unsecured notes was exchanged for $219 million in new 8.00% 1.5-lien senior secured notes due 2020....

  
Report Type:

Research Update

Ticker
CLF
Issuer
Cleveland-Cliffs Inc.
GICS
Steel (15104050)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Cliffs Natural Resources Inc. Rating Raised To 'CCC+' On Debt Exchange, Outlook Negative; Other Rating Actions Taken" Apr 14, 2016. Alacra Store. May 23, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Cliffs-Natural-Resources-Inc-Rating-Raised-To-CCC-On-Debt-Exchange-Outlook-Negative-Other-Rating-Actions-Taken-1616517>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Cliffs Natural Resources Inc. Rating Raised To 'CCC+' On Debt Exchange, Outlook Negative; Other Rating Actions Taken Apr 14, 2016. New York, NY: Alacra Store. Retrieved May 23, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Cliffs-Natural-Resources-Inc-Rating-Raised-To-CCC-On-Debt-Exchange-Outlook-Negative-Other-Rating-Actions-Taken-1616517>
  
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