Moody's cuts Dana Corp's debt rating two notches

Newswire

NEW YORK, Dec 22 (Reuters) - Moody's Investors Service on Thursday cut its ratings on Dana Corp. deeper into junk status, citing the challenging environment for the auto parts business and prospects for continued weakness. A restructuring plan announced by the company will help stem recent losses but will not be adequate to support the previous rating, Moody's said. Moody's cut Dana's corporate family rating by two notches to "B1," the fourth-highest junk rating, from "Ba2." The outlook ...

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