NEW YORK (Standard&Poor's) Aug. 22, 2005--Standard&Poor's Ratings Services said today that Crown Holdings Inc.'s (BB-/Stable/B-1) plan to sell its plastic closures business to a private equity firm for about $750 million does not change its ratings or outlook on the company. However, if the majority of the $650 million in expected net cash proceeds is used to reduce debt (which exceeded $4 billion as of June 30, 2005, including off-balance-sheet lease and accounts receivable financing) or other debt-like obligations, this would represent a meaningful step in achieving a financial profile appropriate for the ratings. In addition to high debt leverage, the ratings reflect moderate risks associated with the company's asbestos-related liabilities, offset to some extent by
