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Dana stock rating placed on CreditWatch positive by S&P amid sale of off-highway business S&P Global Ratings placed Dana Inc. (NYSE:DAN) on CreditWatch positive Thursday following the company’s agreement to sell its off-highway business to Allison Transmission Holdings (NYSE:ALSN) for $2.7 billion. Dana plans to use approximately $2 billion of the $2.4 billion in net proceeds to repay debt, which S&P expects will significantly improve credit metrics despite losing its most profitable segment. The rating agency projects that after the debt reduction, Dana’s adjusted free operating cash flow to debt will improve to above 10% and adjusted leverage will fall below 4x. The auto parts supplier also announced a $1 billion capital return program through 2027, with $550 million expected to be distributed in 2025. While these shareholder returns will partially offset debt reduction benefits, S&P still anticipates improved credit metrics following the transaction. Dana’s off-highway division generated $2.6 billion of the company’s $9.9 billion in revenue for the trailing 12 months ended first quarter of fiscal 2025, with management-adjusted EBITDA margins of 14.7% compared to overall company margins of about 8.6%. The company is pursuing a $300 million cost-reduction plan to offset some margin impact from the sale. The transaction is expected to close late in the fourth quarter of 2025, subject to regulatory approvals and closing conditions. S&P indicated at least a 50% chance it will raise Dana’s ratings upon completion of the deal, pending assessment of the company’s post-close capital structure and credit metrics. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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