S&P drops Dana

Standard & Poor's said it lowered its corporate credit rating on Dana Corp. to B+ from BB and its senior unsecured debt rating on the company to B- from BB.

The ratings remain on CreditWatch with negative implications.

If Dana files its restated financial statements with the SEC by Dec. 30, as required under the terms of its amended bank credit facility, the ratings will be affirmed and removed from CreditWatch, the agency noted.

S&P said the downgrade reflects the deterioration of the company's credit profile due to the company's weak operating performance, a result of difficult industry conditions for light-vehicle production.

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