Cliffs Natural Resources downgraded further into junk at S&P

Massive Black Horse Chromite Discovery

Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%

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Cliffs Natural Resources downgraded further into junk at S&P

posted on Oct 07, 2014 04:47PM

seekingalpha.com
Oct 7 2014
By: Carl Surran, SA News Editor

S&P downgrades Cliffs Natural Resources' (CLF -5.1%) corporate credit rating to BB- from BBB- with a negative outlook, reflecting the possibility of another downgrade if iron ore prices are sustained at ~$85/ton or lower and credit measures continue to deteriorate.
The ratings agency lowers its iron ore price assumptions through 2016, which pushes its leverage estimate for CLF above 6x adjusted debt to EBITDA for next year.
CLF shares have now fallen 25% since the first of this month.