New York, January 05, 2016 -- Moody's Investors Service downgrade Cliffs Natural Resources Inc. (Cliffs) Corporate Family Rating (CFR) and Probability of Default Rating to Caa1 and Caa1-PD from B1 and B1-PD respectively. At the same time Moody's downgraded the senior secured 1st lien notes to B1 from Ba2, the senior secured 2nd lien notes to B3 from B1 and the senior unsecured notes to Caa2 from B3. The rating for senior unsecured debt issuances under the company's shelf registration was downgraded to (P) Caa2 from (P)B3. The speculative grade liquidity rating was lowered to SGL-3 from SGL-2. The outlook is negative. This concludes the review for downgrade initiated on November 16, 2015.

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