Leading global can manufacturer, with well-established positions in higher-growth regions; Favorable industry dynamics including fairly tight supply/demand and good pricing power; and Relatively stable earnings and cash flow. Still significant debt leverage despite ongoing debt reduction; Meaningful cash requirements to fund postretirement obligations; and Further strengthening of the financial profile could be slowed by sizable acquisitions or shareholder rewards. The ratings on Crown Holdings Inc. reflect its satisfactory business risk profile as a leading global can manufacturer with annual sales of about $8 billion and a significant financial risk profile. The company's business strengths include leading shares in a number of segments, global operations including good positions in emerging markets with favorable long-term growth prospects, and greater customer diversity than
