On Aug. 12, 2004, Standard&Poor's Ratings Services assigned its 'BB' bank loan rating and a recovery rating of '1' to Crown Americas Inc.'s (an indirect, wholly owned subsidiary of Crown Holdings Inc.) proposed $125 million term loan B due 2011, based on preliminary terms and conditions. The bank loan rating is one notch above the corporate credit rating; this and the '1' recovery rating indicate a high expectation of full recovery of principal in the event of default. Consequently, the offering of Crown European Holdings SA's first priority senior secured notes due 2011 is reduced to $428 million, from $550 million. Standard&Poor's also affirmed its 'BB' bank loan rating and a recovery rating of '1' to
