Cliffs Natural Resources Inc. -- Moody's rates Cliff's 1.5 Lien Notes Caa3, Downgrades Second Lien Debt to Ca; Outlook Negative

New York, March 04, 2016 -- Moody's Investors Service, ("Moody's") today assigned a Caa3 rating to Cliffs Natural Resources Inc.'s new $219 million 1.5 Lien secured notes maturing in 2020. At the same time, Moody's downgraded the 2nd Lien secured notes to Ca from Caa3. The probability of default rating (PDR) was changed to Ca-PD/LD. Moody's views the exchange of new 1.5 lien secured notes for existing senior unsecured and 2nd lien secured notes as a distressed exchange and limited default under Moody's definition of default. The LD designation will be removed within 3 business days and the PDR will be Ca-PD. All other ratings were affirmed, including the Ca corporate family rating (CFR) and SGL-3 Speculative Grade Liquidity rating. The outlook is negative.

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