January 9, 2013 / 10:37 PM / 5 years ago

TEXT - S&P rates Crown Americas

Jan 9 - Standard & Poor's Ratings Services said today that its 'BB' senior
unsecured debt rating and '5' recovery rating on the 4.5% senior unsecured notes
due 2023 issued jointly by Crown Americas LLC and Crown Americas Capital Corp.
IV, wholly owned subsidiaries of Crown Holdings Inc. (Crown Holdings) remain
unchanged following the proposed $200 million add-on to the notes. The
additional notes will be issued under an indenture dated Jan. 9, 2013 pursuant
to which Crown Americas and Crown Americas Capital IV previously issued $800
million of 4.5% senior notes. 

The issue rating is one notch below the 'BB+' corporate credit rating on Crown 
Holdings. The '5' recovery rating indicates our expectation of modest 
(10%-30%) recovery in the event of a payment default.

All our other ratings on Crown Holdings and its subsidiaries remain unchanged. 
For the complete recovery analysis, see our recovery report on Crown to be 
published as soon as possible following this report on RatingsDirect on the 
Global Credit Portal.

"The company plans to use proceeds of the add-on notes offering to repay $200 
million of senior secured term loans," said Standard & Poor's credit analyst 
Liley Mehta.

The ratings reflect Crown's "satisfactory" business risk profile as a leading 
global can manufacturer and its "significant" financial risk profile. We 
expect the key funds from operations to total debt ratio to remain at about 
20%, which we consider appropriate for the rating. 

For the entire corporate credit rating rationale, see our summary analysis on 
Crown Holdings published Dec. 10, 2012, on RatingsDirect.


Methodology: Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012 

Methodology And Assumptions: Liquidity Descriptors For Global Corporate 
Issuers, Sept. 28, 2011 

Key Credit Factors: Methodology And Assumptions On Risks In The Packaging 
Industry, Dec. 4, 2008


Ratings Unchanged 

Crown Holdings Inc.
 Corporate Credit Rating                   BB+/Stable/--

Crown Americas LLC
Crown Americas Capital Corp. IV

$1 bil. 4.5% notes due 2023
 Senior Unsecured                          BB
  Recovery Rating                          5
0 : 0
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