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Moody's downgrades Dana
Moody's Investors Service said it lowered the ratings of Dana Corp., including the corporate family to B1 from Ba2, senior unsecured to B1 from Ba2 and Dana Credit Corp.'s senior unsecured to B1 from Ba2.
The agency added the speculative-grade liquidity rating was lowered to SGL-4 from SGL-3.
The rating action reflects the continued challenging environment for the company's auto components businesses and the prospects for continued weak financial metrics, Moody's said, noting the downgrades also incorporate the company's withdrawal of its guidance for 2005 full year earnings, announced deferred tax write-off and the expected re-statement of its financial statements.
The outlook is negative.
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