S&P ups Dana to investment grade

Standard & Poor's said it raised its corporate credit and senior unsecured debt ratings on Dana Corp. to BBB- from BB and removed them from CreditWatch positive where they were placed on Dec. 3, 2003. The outlook is stable.

S&P said the rating upgrades reflect Dana Corp.'s improved financial profile following the $1 billion sale of its automotive aftermarket business to affiliates of The Cypress Group LLC.

Dana is expected to generate acceptable earnings and cash flow measures, notwithstanding deterioration of industry conditions in the second half of 2004 because of original equipment light-vehicle production cuts and higher steel costs, according to S&P.

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