Moody's gives B2 to Dana notes

Moody's Investors Service said it gave a B2 rating to Dana Inc.’s new $400 million of senior unsecured notes.

Dana’s other ratings are unaffected, including the Ba3 corporate family rating and Baa3 senior secured rating, the agency said. Moody’s affirmed Dana’s B2 senior unsecured rating on June 12, 2020.

Dana labeled the bonds “green” given its intention to use the proceeds for recently completed or future eligible green projects such as clean transportation, renewable energy, sustainable water and wastewater management or green buildings. The proceeds will be used to help repay the 2024 senior unsecured notes.

The outlook is negative.

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