Moody's has downgraded the rating of Cleveland Cliffs

The review follows Cliffs' announcement of a definitive agreement to acquire ArcelorMittal USA for an estimated capital cost of US $ 1.4 billion and an enterprise value of US $ 3.3 billion.

Moody's Investors Service has placed all of Cleveland-Cliffs Inc's ratings, including the B1 corporate rating and the B1-PD probability of default rating, under review for downgrade. The speculative liquidity rating SGL-2 is currently unchanged.

Under consideration for demotion:
.. Issuer: Cleveland-Cliffs Inc.
.... Corporate group rating, placed under review for downgrade, currently B1
.... Probability of default rating, placed on downgrade revision, currently B1-PD
.... Gtd's Senior Secured Ordinary /Debt issued under downgrade revision, currently Ba3 (LGD3)
.... Gtd Senior Unsecured Ordinary Notes /Debentures placed under downgrade revision, currently B2 (LGD4)
.... Senior Unsecured Ordinary Notes /Debentures placed under review for possible downgrade, currently B3 (LGD5).