Standard & Poor's Upgrades This Miner's Future

By Taylor Muckerman – Feb 26, 2013 at 1:00PM

NYSE: CLF

Cleveland-Cliffs

Market Cap

$10B

Today's Change

(-6.99%) -$1.46

Current Price

$19.39

Price as of April 23, 2024, 10:21 a.m. ET

After a dividend cut and equity issuance earlier this month, the credit rating agency upgrades Cliffs Natural Resources' future outlook.

After reaching a breaking point earlier this month and devastating investors with a 76% dividend cut and the issuance of 9 million common shares, Cliffs Natural Resources (CLF -6.99%) catches a break. Standard & Poor's upgraded its outlook on the beleaguered miner, from negative to stable, last Thursday. Now that Cliffs has removed the dividend pressure, capital will be freed up to align the company for a brighter future. For more details, check out the video below with Motley Fool energy and materials analyst Taylor Muckerman.

Taylor Muckerman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.