...NEW YORK (S&P Global Ratings) April 14, 2017--S&P Global Ratings today lowered its issue-level rating on the $2.4 billion senior secured credit facility issued by Philadelphia-based packaging producer Crown Holdings Inc.'s (Crown) subsidiaries to '##+' from '###-' and revised its recovery rating on the facility to '2' from '1'. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default. We lowered our issue-level rating and revised our recovery rating on the facility because the company has upsized the U.S. term loan portion of the facility by $200 million. While our updated recovery analysis includes a somewhat higher recovery valuation due to the higher fixed charges for the new facility, this was not sufficient to offset the increase in the size of facility. Ultimately, our recovery expectations have not materially changed, they have simply shifted just below the 90% threshold that we require for a '1'...
