The ratings on Crown Holdings Inc. reflect its aggressive financial profile, onerous debt burden, and risks associated with its asbestos litigation, all of which overshadow its average business risk profile. Although the company has materially reduced its debt in the past two years (using proceeds from asset sales, debt-for-equity exchanges, and free cash flow), Crown remains heavily leveraged; total debt (adjusted for capitalized operating leases and receivables securitization) to EBITDA was about 5.4x at March 31, 2004. As a result, Crown's credit protection measures are still weak for the rating. Nevertheless, Standard&Poor's Ratings Services expects the strength of the company's business and management's commitment to reign in spending will allow it to continue its debt-reduction efforts. Standard&
