We expect Philadelphia-based metal can and transit packaging manufacturer Crown Holdings Inc. will see suppressed demand in some of its end markets due to the measures to contain the spread of the coronavirus, and reduced discretionary income from high unemployment to hurt demand for its products. Therefore, we are revising our outlook on Crown to negative from stable and are affirming our 'BB+' issuer credit rating. Our issue-level and recovery ratings on the company's debt remain unchanged. The negative outlook reflects the potential that we could lower the rating if the company's debt leverage remains elevated, incorporating our view of continued uncertainty around the coronavirus pandemic's impact on the markets in which Crown operates and how a prolonged recession will
