S&P Raises Credit and Debt Ratings for Dana Corporation and Dana Credit Corporation

    TOLEDO, Ohio, Jan. 28 /PRNewswire/ -- Standard & Poor's Corporation has
raised the corporate credit and senior debt ratings of Dana Corporation to
"A-" from "BBB+."  The ratings of Dana's leasing subsidiary, Dana Credit
Corporation (DCC), were also raised to "A-."
    In making its announcement, Standard & Poor's said, "The upgrades reflect
improvements to Dana's business and financial profile over the past few years,
resulting from streamlining and restructuring efforts and continued healthy
end-market demand, as well as management's commitment to maintaining a more
moderate capital structure.
    "Strong operating results over the past few years have helped Dana bolster
its financial profile, and further gains in operating performance are expected
this year as a result of extensive restructuring actions taken by the company
in 1997."
    Jack Simpson, Dana's chief financial officer, said, "Our record 1997
results were driven by the strategic realignment of Dana's core businesses
into market-focused units together with the successful accomplishment of our
financial objectives.  We are extremely pleased that S&P has demonstrated its
confidence in the resolve of the people of Dana to continue to perform well in
our global markets."
    Dana Corporation is a global leader in the engineering, manufacture, and
distribution of products and services for the automotive, engine, heavy truck,
off-highway, industrial, and leasing markets.  Founded in 1904 and based in
Toledo, Ohio, Dana operates facilities in 30 countries and employs more than
50,000 people.  The company reported sales of $8.3 billion in 1997.  The
Internet address for Dana's home page is www.dana.com.

SOURCE  Dana Corporation

CONTACT: Gary Corrigan of Dana, 419-535-4813
CNOC:   http: //www.prnewswire.com or fax, 800-758-5804, ext. 226839
WEBSITE:   http: //www.dana.com