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S&P upgrades Dana Holding
Standard & Poor's said it raised its corporate credit rating on Dana Holding Corp. to BB from BB-. The outlook is stable.
The agency said it also raised the issue-level ratings on Dana's asset-backed loan revolving facility to BBB- from BB+ and raised the issue-level ratings on its $400 million senior unsecured notes due in 2019 two notches above the corporate credit rating. The recovery rating is 1.
Additionally, the agency said the rating on Dana's unsecured debt was raised to BB from BB-. The recovery rating is 3.
"The upgrade on Dana reflects our belief that the company's track record of improving credit measures can be sustained in the year ahead; we believe it can continue its current profitability gains because of tighter cost controls, enhanced operational efficiency, and ongoing expansion in the North American commercial-vehicle market," said S&P credit analyst Nancy Messer in a news release.
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