On Feb. 3, 2003, Standard&Poor's Ratings Services assigned its 'B' bank loan rating to Crown Cork&Seal Co. Inc.'s proposed $1.05 billion senior secured bank credit facility. In addition, Standard&Poor's assigned its 'CCC+' rating to Crown's proposed $1.25 billion second-priority senior secured notes due 2011. Standard&Poor's also assigned its 'CCC' rating to the company's proposed $500 million third-priority senior secured notes due 2013 and its $250 million convertible notes due 2008. All of these ratings were placed on CreditWatch with positive implications. The ratings are based on preliminary terms and conditions and subject to review once final documentation is received. Philadelphia, Pa.-based Crown Cork&Seal had outstanding debt of about $4 billion
