On Feb. 6, 2008, Standard&Poor's Ratings Services revised its outlook on Crown Holdings Inc. to positive from stable and affirmed the existing ratings (See list below). The outlook revision reflects our expectations that earnings growth and free cash generation could support strengthening of Crown's financial profile to levels appropriate for a 'BB' rating in the next couple of years. The key ratio of funds from operations to total debt (adjusted for capitalized operating leases, receivables securitizations, asbestos liabilities, and unfunded pension and postretirement obligations) is expected to approach 20% by 2009 from the midteens percent area at Dec. 31, 2007. We could raise the ratings if Crown continues to prioritize its free cash flows for debt reduction while
