Fitch gives Dana Financing notes BB+

Fitch Ratings said it gave BB+/RR4 ratings to Dana Financing Luxembourg Sarl's expected issuance of €325 million in senior unsecured notes due 2029 in a private placement. Dana Financing is a subsidiary of Dana Inc., which will guarantee the notes.

Dana's issuer rating is BB+. “Dana was placed on under criteria observation (UCO) on April 9, 2021, following the conversion of Fitch's ‘Exposure Draft: Corporates Recovery Ratings and Instrument Ratings Criteria’ to final. The UCO assignment indicates that an existing instrument and/or recovery rating (RR) may change as a direct result of the final criteria. However, the BB+/RR4 rating assigned to the proposed notes is not affected by the criteria change,” the agency said in a press release.

The outlook is stable.

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