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 $7 billion, Philadelphia, Pa.-based Crown is primarily a metal container manufacturer following its asset sales program of plastic packaging operations and divestiture of Constar International Inc. Only about 13% of Crown's 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, and plastic closures. About 70% of the company's sales are generated outside the U.S., with Europe accounting for most
