Moody's ups Dana

Moody's Investors Service said it raised the ratings of Dana Holding Corp.'s corporate family and probability of default ratings to B1 from B3, along with the ratings on its $650 million senior secured asset-based revolving credit facility to Ba1 (LGD 2, 19%) from Ba3 (LGD 2, 24%) and the $869 senior secured term loan to Ba2 (LGD 2, 26%) from B1 (LGD 3, 30%). The speculative grade liquidity rating also was affirmed at SGL-2.

The outlook is stable.

The upgrade incorporates the company's improved performance over the recent quarters and an expectation that this improvement will be sustained over the intermediate term, Moody's said.

Dana is well positioned to benefit from further revenue growth with improvement in global economies and further customer growth, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.