| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Dana Inc. > News item |
S&P cuts Dana loan to BB+
S&P said it lowered its issue-level rating on Dana Inc.'s term loan B to BB+ from BBB- and revised its recovery rating on the term loan to 2 from 3. This action follows the add-on of a $500 million senior secured bridge facility.
The BB- issue-level and 5 recovery rating on Dana's senior unsecured notes are unchanged. The 5 recovery rating indicates expectations of modest (10%-30%; rounded estimate: 20%) recovery in the event of a default.
“Our issuer credit rating on Dana remains BB because the company will only use the bridge facility to increase liquidity should the impact from the global pandemic be worse than expected. All ratings remain on CreditWatch with negative implications,” said the agency in a press release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.