Moody's assigns B1 to Dana notes

Moody's Investors Service said it assigned a B1 rating to Dana Financing Luxembourg Sarl's planned €425 million of senior unsecured notes. Dana Luxembourg is a financing subsidiary of Dana Inc., and will guarantee the Dana Luxembourg notes on a senior unsecured basis.

“All other ratings are unaffected including Dana's Ba3 corporate family rating and B1 senior unsecured rating,” the agency said in a press release.

The proceeds are expected to be used to redeem a portion of the 2025 senior unsecured notes and pay down the revolving credit facility.

The outlook is stable.

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