The ratings on Crown Cork&Seal Co. Inc. reflect its aggressive financial profile, onerous debt burden, and the risks associated with its asbestos litigation, which overshadow its average business risk profile. Although the company has reduced its debt by more than $1.3 billion in the past year (using proceeds from asset sales, debt for equity exchanges, and its free cash flow), Crown remains heavily leveraged with debt to EBITDA at 4.8x at June 30, 2003. As a result, Crown's credit protection measures are still somewhat weak for the current rating. However, Standard&Poor's expects that the strength of the company's business and its commitment to reign in spending will allow management to continue its debt reduction efforts and
