巴黎人娱乐城

Entity - Ultimate Parent

Cleveland-Cliffs Inc.

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
BB-Affirmed31-Mar-2025Long Term Issuer Default Rating
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review 鈥 No Action), please refer to the 鈥淟atest Rating Action Commentary鈥 for an explanation of key rating drivers

*Premium Content is displayed in 巴黎人娱乐城 Red

Rating History

Date :31-Mar-202512-Jun-202407-Mar-202422-Jun-202301-Mar-202317-Mar-202229-Sep-202101-Feb-202101-Feb-202130-Sep-202008-Jul-2020
Rating :BB-BB-BB-BB-BB-BB-BB-BBBB
Action :AffirmedReview - No ActionAffirmedReview - No ActionAffirmedReview - No ActionUpgradeReview - No ActionAffirmedAffirmedNew Rating

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

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Other Details  
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior unsecured
Issue: USD 554.94 mln 5.875% bond/note 01-Jun-2027
31-Mar-2025
BB-
Affirmed
Long Term Rating
RR4

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 185899AH4 (Public)
ISIN: US185899AH46 (Public)
ISIN: USU1852LAB37 (Reg S)
CUSIP: 185899AC5 (144A)
ISIN: US185899AC58 (144A)
Maturity Date: 01-Jun-2027
Currency: USD
Amount: 554,937,000
Coupon Rate: 5.875%
Placement: Public
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior unsecured
Issue: USD 335.38 mln 7% bond/note 15-Mar-2027
31-Mar-2025
BB-
Affirmed
Long Term Rating
RR4

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 185899AM3 (Public)
ISIN: US185899AM31 (Public)
ISIN: USU1852LAD92 (Reg S)
CUSIP: 185899AE1 (144A)
ISIN: US185899AE15 (144A)
Maturity Date: 15-Mar-2027
Currency: USD
Amount: 335,376,000
Coupon Rate: 7%
Placement: 144A
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior secured
Issue: USD 4.75 bln Floating ABL 09-Jun-2028
31-Mar-2025
BB+
Affirmed
Long Term Rating
RR1

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior secured; ABL
Maturity Date: 09-Jun-2028
Currency: USD
Amount: 4,750,000,000
Placement: Public
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior unsecured
Issue: USD 800 mln 6.25% bond/note 01-Oct-2040
31-Mar-2025
B+
Affirmed
Long Term Rating
RR5

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 18683KAC5 (Public)
ISIN: US18683KAC53 (Public)
Maturity Date: 01-Oct-2040
Currency: USD
Amount: 800,000,000
Coupon Rate: 6.25%
Placement: Public
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior unsecured
Issue: USD 500 mln 4.875% bond/note 01-Mar-2031
31-Mar-2025
BB-
Affirmed
Long Term Rating
RR4

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: USU1852LAL19 (Reg S)
CUSIP: 185899AL5 (144A)
ISIN: US185899AL57 (144A)
Maturity Date: 01-Mar-2031
Currency: USD
Amount: 500,000,000
Coupon Rate: 4.875%
Placement: 144A
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior unsecured
Issue: USD 500 mln 4.625% bond/note 01-Mar-2029
31-Mar-2025
BB-
Affirmed
Long Term Rating
RR4

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: USU1852LAK36 (Reg S)
CUSIP: 185899AK7 (144A)
ISIN: US185899AK74 (144A)
Maturity Date: 01-Mar-2029
Currency: USD
Amount: 500,000,000
Coupon Rate: 4.625%
Placement: 144A
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior unsecured
Issue: USD 750 mln 6.75% bond/note 15-Apr-2030
31-Mar-2025
BB-
Affirmed
Long Term Rating
RR4

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: USU1852LAM91 (Reg S)
CUSIP: 185899AN1 (144A)
ISIN: US185899AN14 (144A)
Maturity Date: 15-Apr-2030
Currency: USD
Amount: 750,000,000
Coupon Rate: 6.75%
Placement: 144A
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior unsecured
Issue: USD 1.425 bln 7% bond/note 15-Mar-2032
31-Mar-2025
BB-
Affirmed
Long Term Rating
RR4

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: USU1852LAN74 (Reg S)
CUSIP: 185899AP6 (144A)
ISIN: US185899AP61 (144A)
Maturity Date: 15-Mar-2032
Currency: USD
Amount: 1,425,000,000
Coupon Rate: 7%
Placement: 144A
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior unsecured
Issue: USD 900 mln 7.375% bond/note 01-May-2033
31-Mar-2025
BB-
Affirmed
Long Term Rating
RR4

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: USU1852LAR88 (Reg S)
CUSIP: 185899AR2 (144A)
ISIN: US185899AR28 (144A)
Maturity Date: 01-May-2033
Currency: USD
Amount: 900,000,000
Coupon Rate: 7.375%
Placement: 144A
Issuer: Cleveland-Cliffs Inc.
Debt Level: senior unsecured
Issue: USD 900 mln 6.875% bond/note 01-Nov-2029
31-Mar-2025
BB-
Affirmed
Long Term Rating
RR4

Rating History
Country: United States
Sectors: Energy and Natural Resources; Corporate Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
ISIN: USU1852LAQ06 (Reg S)
CUSIP: 185899AQ4 (144A)
ISIN: US185899AQ45 (144A)
Maturity Date: 01-Nov-2029
Currency: USD
Amount: 900,000,000
Coupon Rate: 6.875%
Placement: 144A
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06巴黎人娱乐城 Adjusted Financials

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07Disclosures

Original Rating Date
Long Term Issuer Default Rating08-Jul-2020
Endorsement Status
EU Endorsed, UK Endorsed
Country of 巴黎人娱乐城 Office
UNITED STATES
Solicitation Status
Long Term Issuer Default RatingSolicited - Sell Side
Country of Analyst
UNITED STATES

08Identifiers

Type:CIK CodeCUSIPCUSIPDow Jones TickerLEI
Identifier:000076406518589918683KCLF549300TM2WLI2BJMDD86

09Criteria

06Dec
2024
Active Criteria
Sector Navigators 鈥 Addendum to the Corporate Rating Criteria
06Dec
2024
Active Criteria
Corporate Rating Criteria
02Aug
2024
Active Criteria
Corporates Recovery Ratings and Instrument Ratings Criteria
03Nov
2023
Expired Criteria
Sector Navigators 鈥 Addendum to the Corporate Rating Criteria - Effective from 3 November 2023 to 21 June 2024
03Nov
2023
Expired Criteria
Corporate Rating Criteria - Effective 3 November 2023 to 6 December 2024
More Criteria

10Analysts

William Van Meerbeke, CFA
Primary Rating Analyst

Monica Bonar
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5
Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4
Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2
Irrelevant to the entity rating but relevant to the sector.
1
Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 
Recovery Ratings Key
Outstanding
RR1		Superior
RR2		Good
RR3		Average
RR4		Below-Average
RR5		Poor
RR6

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review 鈥 No Action), please refer to the 鈥淟atest Rating Action Commentary鈥 for an explanation of key rating drivers

*Premium Content is displayed in 巴黎人娱乐城 Red