On Oct. 26, 2005, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Crown Holdings Inc. (see list below). The outlook is stable. At the same time, Standard&Poor's lowered its senior secured debt rating on Eur460 million of first-priority senior secured notes due 2011 issued by wholly owned subsidiary Crown European Holdings S.A. to 'BB-' from 'BB'. The recovery rating on these notes was lowered to '2' from '1', now indicating expectations for substantial (80%-100%), not full, recovery in the event of a payment default. The downgrade and the change in the recovery rating reflect the significant increase in senior secured debt that results from the group's proposed bank credit facilities. Failure to complete the
