U.S. metal can packaging manufacturer Crown Holdings Inc. completed its acquisition of Mivisa Envases SAU, a leading Spanish manufacturer of food cans. We are lowering most of our ratings on Crown, including our corporate credit rating to 'BB' from 'BB+', and removing the ratings from CreditWatch, where we placed them with negative implications on Oct. 31, 2013. The stable outlook reflects our expectation that Crown will maintain credit measures in the appropriate range for the lowered ratings. On May 13, 2014, Standard&Poor's Ratings Services lowered its corporate credit rating on Crown Holdings Inc. to 'BB' from 'BB+', and removed it from CreditWatch, where we placed it with negative implications on Oct. 31, 2013, following Crown's announcement that it
