Moody's gives Dana B1

Moody's Investors Service said it assigned prospective ratings to the reorganized Dana Holding Corp.: corporate family, provisional B1; probability of default rating, provisional B1; senior secured credit facilities, provisional Ba3 and speculative-grade liquidity rating, SGL-2.

The outlook is stable.

In assigning prospective ratings, Moody's said it notes that Dana continues to pursue a planned emergence from Chapter 11 protection during January, but that the effectiveness of the new debt facilities remains subject to final court approval.

Absent any significant changes in the company's reorganization plan or capital structure, Moody's said it will confirm the ratings and remove the prospective designation upon completion of the emergence from bankruptcy.

According to the agency, the provisional B1 corporate family rating reflects expectations that Dana will emerge from bankruptcy protection with a moderately leveraged capital structure that will be more readily serviced with the earnings and cash flows generated by its restructured operations.

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