S&P cuts Dana

Standard & Poor's said it lowered its corporate credit rating on Dana Corp. and its wholly owned subsidiary Dana Credit Corp. two notches, to CCC- from CCC+.

All ratings remain on CreditWatch with developing implications, where they were placed on Feb. 24.

The agency said the downgrades and CreditWatch listing on Dana follow the announcement that it missed $21 million of interest payments on two debt issues.

S&P noted Dana is experiencing increased financial stress because of difficult industry conditions that are significantly affecting the auto parts supply industry.

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