S&P rates Crown European notes BB+

S&P said it assigned BB+ issue-level and 3 recovery ratings to Crown Holdings Inc.'s subsidiary, Crown European Holdings SA's, planned €400 million of unsecured notes. The 3 recovery rating indicates meaningful recovery (50%-70%; rounded estimate: 65%) in default.

All other ratings on Crown, including the BB+ issuer credit rating, are unchanged, S&P said.

Crown will use the proceeds to partially repay its term loan facilities and for general corporate purposes, which the agency said it expects will include the eventual repayment of its €600 million of 2 5/8% notes due in 2024.

The outlook is stable.

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