Fitch Upgrades Dana's Debt - aftermarketNews

Fitch Upgrades Dana’s Debt

Fitch Ratings on Tuesday raised its rating on Dana Corp. and said that lower debt and a healthier cash position could lead to another upgrade.

From, MEMA Industry News

SAN FRANCISCO — Fitch Ratings on Tuesday raised its rating on Dana Corp. and said that lower debt and a healthier cash position could lead to another upgrade.

The ratings change affects $2.5 billion of the Toledo, Ohio-based auto parts maker’s debt, according to Fitch.

Shares of Dana Corp. fell 13 cents to finish the trading day at $16.74.

Fitch said in a statement that it expects Dana to cut its net debt by almost a third through a combination of debt reduction and the maintenance of a strong cash balance.

The agency lifted its rating on Dana’s senior unsecured debt rating to “BB-plus” from “BB,” and said that another upgrade could be on the way, pending Dana’s final resolution on what to do with the proceeds from its $1-billion sale of the Automotive Aftermarket Group to the Cypress Group.

At the time of the sale back in August, the Toledo, Ohio-based company said it planned to use the money to pay down debt, contribute to its pension plan and make investments in its core business.


Click here to view the rest of today’s headlines.

You May Also Like

House Subcommittee Examines Potential Impact of REPAIR Act

Subcommittee members and others expressed enthusiastic support for the legislation.

Members of the House Energy and Commerce Subcommittee on Innovation, Data and Commerce discussed the REPAIR Act (HR 906) Wednesday on Capitol Hill.

The bipartisan Right to Equitable and Professional Auto Industry Repair (REPAIR) Act would provide consumers with expanded repair options by ensuring that vehicle owners can access repair data and tools needed to repair their vehicles. U.S. Rep. Neal Dunn, a Florida Republican, introduced the REPAIR Act on Feb. 9. Since then, the bill has picked up co-sponsors from both sides of the aisle.

Continental Expands ATE Electronic Parking Brake Caliper Line

The expanded coverage includes European applications, such as Audi, BMW, Mini, Volkswagen and Volvo.

The Wheel Group Names Mena Shenouda Brand Manager

TWG says Shenouda brings valuable tire-industry experience to help spearhead growth for the Amp Tires brand.

MEMA Urges Biden to Provide Federal Support for Suppliers

A letter to the White House highlights the impact of the contract talks between the UAW and Detroit 3 automakers.

AAPEX EV Experience: Showcasing Products, Providing Training

It will highlight companies on the show floor with the latest EV products and provide training and insights for attendees.

Other Posts

Road to AAPEX, Ep 6: Mile Markers on the Road of Progress

It’s the unexpected moments that make a trip memorable.

MEMA Announces Remanufacturing Annual Conference

The event is scheduled for Oct. 11-12 at GPC headquarters in Atlanta.

ASE Creates ADAS Specialist Certification

The L4 test covers content focused on ADAS diagnosis, service and calibration.

UAF Kicks Off 2023 AWDA Aftermarket Challenge

The annual campaign raises funds for scholarships and programs that strengthen the aftermarket through education.