Cliffs Natural Resources Inc. -- Moody's downgrades Cliffs' ratings (CFR to Ca); outlook negative

New York, February 03, 2016 -- Moody's Investors Service, ("Moody's") downgraded the corporate family rating (CFR) of Cliffs Natural Resources Inc's (Cliffs) to Ca from Caa1 and the probability of default rating (PDR) to Ca-PD from Caa1-PD. At the same time Moody's downgraded the senior secured 1st lien notes to Caa1 from B1, the senior secured 2nd lien notes to Caa3 from B3 and the senior unsecured notes to C from Caa2. The rating for senior unsecured debt issuances under the company's shelf registration was downgraded to (P) C from (P)Caa2. The speculative grade liquidity rating was affirmed at SGL-3. The outlook is negative.

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