Moody’s ups Dana Holding debt to B1

Moody's Investors Service said it changed the outlook for Dana Holding Corp. to stable from positive and affirmed the corporate family rating at Ba3 and probability of default rating at Ba3-PD.

At the same time, the agency upgraded the senior unsecured debt ratings to B1 from B2.

The speculative grade liquidity rating was affirmed at SGL-1.

Under Moody's LGD Methodology, Dana's unguaranteed senior notes are subordinated to certain non-debt liabilities at the operating company level (such as trade payables and unfunded pension amounts). The upgrade of the unsecured notes reflects the agency’s belief that reductions in these amounts over the recent years will be sufficiently sustained over the intermediate-term to support the one-notch differential rating (versus the prior two notches) below the corporate family rating.

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