Cliffs Natural Resources Inc., the largest iron ore pellet supplier in the U.S., is planning to issue $750 million of senior unsecured notes, issued under the company's shelf registration filed on March 10, 2010. We are assigning our 'BBB-' issue-level rating to the notes. We are also affirming our ratings on the company, including the 'BBB-' corporate credit rating. The stable rating outlook reflects our expectation that operating performance will improve over the intermediate term and that the company will conservatively manage its balance sheet. On Sept. 15, 2010, Standard&Poor's Ratings Services assigned an issue-level rating of 'BBB-' to Cleveland-based Cliffs Natural Resources Inc.'s proposed $750 million senior unsecured notes, based on preliminary terms and conditions. At the
