New York, September 08, 2016 -- Moody's Investors Service ("Moody's") upgraded Cliffs Natural Resources Inc. (Cliffs) Corporate Family Rating (CFR) and Probability of Default Rating to Caa1 and Caa1-PD respectively from Ca and Ca-PD respectively. At the same time, Moody's upgraded Cliffs' first lien senior secured notes to B2 from Caa1, the 1.5 lien secured notes to Caa1 from Caa3, the second lien notes to Caa2 from Ca and the senior unsecured notes to Caa2 from C. The SGL-3 speculative grade liquidity rating remains unchanged. The outlook is stable. This concludes the review for upgrade initiated on August 11, 2016.

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