On Aug. 6, 2004, Standard&Poor's Ratings Services assigned its 'BB' bank loan rating and a recovery rating of '1' to Crown Holdings Inc.'s proposed $500 million senior secured credit facilities due February 2010, based on preliminary terms and conditions. The facilities include a $400 million senior secured revolving credit facility, of which up to $200 million is available to Crown Americas Inc. in U.S. dollars, and up to $200 million is available to Crown European Holdings SA in euros and pounds sterling; and a $100 million senior revolving letter of credit facility. The bank loan rating is rated one notch above the corporate credit rating; this and the '1' recovery rating indicate a high expectation of full recovery
