Philadelphia-based metal packaging producer Crown Holdings Inc. is acquiring Spain-based food can maker Mivisa Envases S.A.U for $1.6 billion in cash, including the assumption of debt. If the transaction is completed as proposed, the debt-financed acquisition will significantly increase Crown's debt obligations and weaken its credit protection measures. We are placing all of our ratings on Crown, including the 'BB+' corporate credit rating, on CreditWatch with negative implications. We expect to resolve the CreditWatch listing within the next few months after reviewing the proposed transaction. On Oct. 31, 2013, Standard&Poor's Ratings Services placed all of its ratings on Crown Holdings Inc., including the 'BB+' corporate credit rating, on CreditWatch with negative implications. Crown has obtained debt financing commitments
