The ratings on Crown Holdings Inc. reflect its satisfactory business risk profile as a leading global can manufacturer with annual sales of about $8 billion and an aggressive financial profile. The company's business strengths include leading shares in a number of segments, global operations including good positions in emerging markets with favorable long-term growth prospects, and greater customer diversity than most peers. In addition, metal packaging producers benefit from fairly stable demand because most of the business is food and beverage-related, a relatively consolidated industry structure, and timely contractual pass-through of raw material cost fluctuations to customers, all of which result in comparatively stable earnings and cash flow over business cycles. Philadelphia-based Crown is the largest global producer of metal
