Leading position as a global can manufacturer. Ongoing expansion in high-growth regions. Favorable industry dynamics, including a fairly tight supply–and-demand balance and good pricing power. High return on capital. Relatively stable operating margins and annual free cash flow generation. Significant seasonal swings in earnings and cash flow. S&P Global Ratings' stable outlook on Crown Holdings Inc. reflects our expectation that the company will continue to benefit from relatively stable food and beverage end markets, a consolidated industry structure with production and pricing discipline, and its ability to pass through raw material cost increases to its customers. Our base-case forecast incorporates our view that Crown will continue to generate substantial discretionary cash flow but prioritize it such that credit measures remain
