NEW YORK (Standard&Poor's) Dec. 2, 2011--Standard&Poor's Ratings Services said today that the $350 million increase in the U.S. dollar-denominated senior secured term loan A completed by Crown Americas LLC, a U.S. subsidiary of Philadelphia-based can maker Crown Holdings Inc., from the previously rated $200 million increase, does not affect the 'BBB-' issue-level rating (one notch above the corporate credit rating) or the '2' recovery rating on the loan. All our other ratings on Crown, including the 'BB+' corporate credit rating, also remain unchanged, and the outlook remains stable. Crown will use the term loan borrowings to prefund its pension obligations in the U.S. and Canada. The '2' recovery rating reflects our expectation for a substantial (70%
