S&P revises Crown Holdings view to negative

S&P said it revised the outlook for Crown Holdings Inc. to negative from stable and affirmed the company’s BB+ ratings. The ratings and recovery ratings on its issues are unchanged as well.

“The negative outlook reflects the growing uncertainty around the coronavirus pandemic and how significantly the high unemployment and reduced discretionary income will affect the demand for some of Crown's products. Under our base-case forecast, we expect the company's leverage to increase above 5x this year before improving below 5x in 2021,” said S&P in a press release.

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