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Moody's Reviews Cleveland Cliffs Ratings for Downgrade

Steel News - Published on Tue, 29 Sep 2020

Image Source: Cleveland Cliffs
Moody's Investors Service has placed all ratings of Cleveland-Cliffs Inc, including the B1 Corporate Family Rating and the B1-PD Probability of Default Rating under review for downgrade. The SGL-2 Speculative Grade Liquidity Rating remains unchanged at this time. The review follows the announcement by Cliffs that it has entered into a definitive agreement to acquire ArcelorMittal USA for an implied equity value of USD 1.4 billion and an enterprise value of USD 3.3 billion.

On Review for Downgrade:
..Issuer: Cleveland-Cliffs Inc.
.... Corporate Family Rating, Placed on Review for Downgrade, currently B1
.... Probability of Default Rating, Placed on Review for Downgrade, currently B1-PD
.... Gtd Senior Secured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba3 (LGD3)
.... Gtd Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently B2 (LGD4)
.... Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently B3 (LGD5)

Outlook Actions:
..Issuer: Cleveland-Cliffs Inc.
....Outlook, Changed To Rating Under Review From Negative

Source :

Posted By : Yogender Pancholi on Tue, 29 Sep 2020
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