S&P drops Crown Holdings

Standard & Poor's said it lowered its senior secured debt rating on Crown Holdings Inc. and its subsidiaries to BBB- from BBB and revised the recovery rating on this debt to 2 from 1. The 2 recovery rating reflects S&P's expectation for substantial recovery in the event of a payment default, the agency said.

At the same time, S&P said it affirmed all other ratings on Crown, including the BB+ corporate credit rating. The outlook is stable.

"The ratings on Crown reflect its satisfactory business risk profile as a leading global can manufacturer, with trailing-12-month sales of $8.5 billion, and its significant financial risk profile," said S&P credit analyst Cynthia Werneth in a news release.

"The company's business strengths include its market position among a handful of global leaders in metal packaging and its extensive international operations, including good positions in emerging markets with favorable long-term growth prospects," Werneth said.

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