Broad geographic presence Leading positions within its markets Favorable supply/demand dynamics Relatively stable markets Very aggressive financial policy Onerous debt levels Meaningful cash requirements to fund its asbestos litigation, underfunded pension obligations, and its capital-intensive operations. The ratings on Crown Cork&Seal Co. Inc. reflect its aggressive financial profile, still onerous debt burden, and the risks associated with its asbestos litigation, which overshadow its average business risk profile. Although the company has reduced its debt by more than $1.3 billion in the past year (using proceeds from asset sales, debt for equity exchanges, and its free cash flow), Crown remains heavily leveraged with debt to EBITDA in excess of 5x at Dec. 31, 2002. As a result, Crown's credit
