The ratings on Crown Holdings Inc. reflect its aggressive financial profile and risks associated with its asbestos litigation, all of which overshadow its satisfactory business risk profile. With annual sales of more than $7 billion, Philadelphia, Pa.-based Crown is primarily a metal container manufacturer. Having already divested most of its plastic packaging operations, the company recently announced plans to sell its plastic closures business to a private equity firm for net cash proceeds of about $650 million. 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
