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S&P ups Dana, rates notes BB-
Standard & Poor's said it raised the corporate credit rating on Dana Holding Corp. to BB- from B+, and assigned a BB- rating and 3 recovery rating to its proposed $700 million senior unsecured notes.
The notes are expected to be issued in two tranches with maturity dates of 2019 and 2021, S&P said.
The outlook is stable.
The upgrade reflects a reassessment of the company's financial risk profile to significant from aggressive, given the company's improved credit measures in the past nine months, S&P said.
The company's recent track record of free cash flow generation is sustainable, the agency said, and there is not any significant near-term debt maturities after the repayment of its term loan.
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