Stable food and beverage end markets, good operating performance, a substantial and increasing presence in emerging markets, and significant debt reduction in recent years have caused global metal can maker Crown's credit profile to strengthen. We are raising our corporate credit rating on Crown to 'BB+' from 'BB' and are also raising most of our other ratings on Crown and its subsidiaries by one notch. Based on our updated recovery analysis, we are raising our senior secured debt rating by two notches to 'BBB' with a recovery rating of '1'. We are assigning a 'BBB' senior secured debt rating and a recovery rating of '1' to Crown's subsidiaries' proposed $400 million term loans. The stable outlook reflects our view that
