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. With annual sales of about $6.9 billion, Crown is primarily a metal container manufacturer (resulting from its asset sales program of plastic packaging operations and divestiture of Constar International Inc.), and about 13% of its revenues are derived from its plastic closures operations. Although product diversity has diminished, the company benefits from a broad geographic presence, a well-diversified customer base, and leading market positions in food, beverage, and aerosol cans. About 70% of the company's sales are generated outside the U.S., with Europe accounting for most of Crown's international sales.
