Fitch revises Dana outlook to negative

Fitch Ratings changed the outlook for Dana Inc. to negative from stable and affirmed its long-term issuer default rating at BB+. The agency also affirmed Dana's secured revolver rating at BBB-/RR1 and the BB+/RR4 ratings on the senior unsecured notes issued by Dana and its Dana Financing Luxembourg Sarl subsidiary.

“The revision of Dana's outlook to negative from stable reflects the company's underperformance relative to Fitch's expectations over the past year. Dana's EBITDA margin, FCF margin and leverage metrics have all been weaker than Fitch expected over this time. However, this underperformance has been primarily due to volatile customer production schedules, which, along with inflation, has sharply reduced Dana's profitability,” the agency said in a press release.

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