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S&P upgrades Dana
Standard & Poor's said it raised the corporate credit rating on Dana Holding Corp. to BB+ from BB.
The agency also said it raised the rating on the company's senior secured debt to BBB from BBB-, along with the rating on its senior unsecured debt to BB+ from BB.
The 1 recovery rating on the senior secured debt indicates 90% to 100% expected default recovery, S&P said, and the 4 recovery rating on its unsecured debt indicates 30% to 50% expected default recovery.
The outlook is stable.
The ratings reflect the company's intermediate financial risk profile and fair business risk profile, S&P said.
The ratings also consider Dana's strong liquidity and lack of large near-term debt maturities, the agency said.
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