Moody's raises Dana Holding

Moody's Investors Service said it raised the corporate family and probability of default ratings of Dana Holding Corp. to Ba3 from B1.

In a related action, Moody's said it raised the ratings on the company's senior secured asset-based revolving credit facility to Baa3 from Ba1 and the senior unsecured notes to B2 from B3. The speculative grade liquidity rating was affirmed at SGL-2.

The outlook is stable.

Moody's said Dana's Ba3 corporate family rating reflects the company's ability to sustain strong EBIT/interest coverage, averaging 2.6 times over the first half of 2011. The rating also anticipates that Dana's product leadership should enable the company to demonstrate continued favorable earnings and cash flow trends, even as macro-economic pressures weigh on certain end markets.

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