S&P upgrades Dana

Standard & Poor's said it raised its corporate credit rating on Dana Holding Corp. to B from B- and raised its ratings on Dana's senior secured debt.

The outlook is stable.

S&P believes that Dana's improved earnings and cash flow performance for the third quarter reflect the company's near-term prospects.

Dana reduced its debt by $254 million in the first nine months of 2009, better than S&P's expectations.

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