Broad geographic presence; Leading positions within its markets; Favorable supply/demand dynamics; and Relatively stable markets. Aggressive financial policy; Onerous debt levels; and Meaningful cash requirements to fund its asbestos litigation and underfunded postretirement obligations. The ratings reflect Crown Holdings Inc.'s satisfactory business risk profile, characterized by market leadership, global operations, and relative earnings stability. Nevertheless, the financial profile remains highly leveraged, and the company continues to face risks associated with asbestos litigation. With annual sales of about $6.7 billion, Philadelphia, Pa.-based Crown is primarily a metal container manufacturer. The company benefits from a broad geographic presence, a well-diversified customer base, and leading market positions in food, beverage, and aerosol cans. About 70% of the company's sales are generated outside the
