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S&P puts Dana on watch
S&P said it placed all its ratings for Dana Inc. on CreditWatch with negative implications, including the BB issuer rating.
“The CreditWatch placement indicates our belief that the disruption of global auto production and industrial markets could extend beyond a few weeks. It also reflects that the demand for new cars, trucks, and off-road equipment will likely decline because of the potential economic recessions stemming from the pandemic,” said S&P in a press release.
S&P plans to resolve the CreditWatch when it can assess the magnitude of the coronavirus’ effect on the company’s financial condition.
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