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Moody's boosts Dana
Moody's Investors Service said it raised the probability of default rating of Dana Holding Corp.'s to B3 from Caa1.
In a related action, the agency said that the corporate family rating was raised to B3 from Caa2, the rating of the senior secured asset based revolving credit facility was raised to Ba3 and the rating of the senior secured term loan was raised to B1.
The speculative-grade liquidity rating also was raised to SGL-2 from SGL-3, Moody's said.
The outlook remains stable.
The B3 probability of default rating incorporates the company's announced guidance for significantly improved EBITDA performance in 2010 of about $500 million which should support improved credit metrics supportive of the assigned ratings, the agency noted.
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