Moody's lifts Crown, related loans and notes

Moody's Investors Service said it upgraded the corporate family and probability of default ratings on Crown Holdings Inc. to Ba1 from Ba2 and revised the outlook to stable from positive.

The agency said it also upgraded instrument ratings and affirmed the SGL-2 speculative grade liquidity rating.

Additionally, Moody's upgraded Crown Americas, LLC's $550 million senior secured term loan A due 2016 to Baa1 from Baa2 and upgraded its $450 million U.S. revolving credit facility due 2015 to Baa1 from Baa2.

The agency also upgraded Crown America's $400 million senior unsecured notes due 2017 and its $700 million senior notes due 2021 to Ba2 from Ba3.

At the same time, Moody's said it upgraded Crown Cork & Seal Co., Inc.'s $150 million senior unsecured notes due 2096 and its $350 million senior unsecured notes due 2026 to Ba3 from B1.

The agency also upgraded Crown European Holdings SA's €274 million senior secured term loan A due 2016 and its $700 million European revolving credit facility due 2015 to Baa1 from Baa2. The issuer's €500 million 7.125% global notes due 2018 were also upgraded to Baa3 from Ba1.

Finally, Moody's upgraded Crown Metal Packaging Canada LP's $50 million Canadian revolving credit facility due 2015 to Baa1 from Baa2.

The agency said the upgrade of Crown's corporate family rating to Ba1 from Ba2 reflects an expectation of further improvement in credit metrics due to Crown's recent and pending expansion into developing markets.

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