Moody's might cut Crown Holdings

Moody's Investors Service said it placed the Ba1 corporate family and other instrument ratings of Crown Holdings, Inc. on review for downgrade.

The review follows Crown's announcement that it entered into an agreement to acquire Mivisa Envases, SAU, a Spanish manufacturer of two- and three-piece food cans and ends, from certain investment funds managed by affiliates of Blackstone Group LP, N+1 Mercapital and management, in a cash transaction valued at €1.2 billion ($1.62 billion).

The acquisition, which is subject to review by the European Commission and other competition authorities, is expected to close during 2014. Debt financing has been fully committed in support of the transaction from Citigroup Global Markets Inc.

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