The ratings reflect Crown Holdings Inc.'s satisfactory business risk profile, characterized by market leadership, global operations, and relative earnings stability. Nevertheless, the financial profile remains highly leveraged, and the company continues to face risks associated with asbestos litigation. With annual sales of about $6.8 billion, Philadelphia, Pa.-based Crown is primarily a metal container manufacturer. 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. The company enjoys good customer diversity with the top 10 customers representing 25% of sales. Crown is the largest global producer of metal food
