S&P lifts Dana Holding

Standard & Poor's said it has raised its corporate credit rating on Dana Holding Corp. to B- from SD (selective default) and raised its rating on the company's outstanding $1.26 billion term loan bank facility to B from D.

The recovery rating on the term loan is unchanged at 2, the agency said.

The issue and recovery ratings on Dana's asset-backed loan revolving facility are unchanged, at B+ and 1, indicating its expectation that lenders would receive very high recovery in the event of a payment default, S&P added.

According to the agency, the rating action reflects its review of Dana's prospects following the completion of its Dutch auction tender offer in which it repurchased less than 10% of its term loan facility at a substantial discount to par.

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