S&P downgrades Crown loan

S&P said it reviewed the recovery and issue-level ratings on Crown Holdings Inc. and its subsidiaries that were considered under criteria observation (UCO) after the agency published its revised recovery ratings criteria Dec. 7.

With the criteria review complete, S&P said it lowered the issue-level ratings on the company’s senior secured credit facilities and revised the recovery ratings on the debt.

The agency also said it lowered the ratings and revised the recovery ratings on the unsecured debt issued by its Crown Americas LLC subsidiary.

S&P said it affirmed the ratings on the senior unsecured notes issued by subsidiary Crown European Holdings SA, along with the unsecured notes issued by Crown Cork & Seal Co., Inc.

The recovery ratings on this debt are unchanged.

The downgrades stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P said.

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