Moody's ups Crown Holdings to SGL-1

Moody's Investors Service said it raised the speculative grade liquidity rating for Crown Holdings Inc. to SGL-1 from SGL-2, reflecting very good near term liquidity on a consolidated basis.

Moody's said the upgrade of the liquidity rating reflects greater free cash flow generation resulting primarily from improved volume and margins across geographies.

Improvement is also noted from sustained gains in working capital management as receivable and inventory days continue to be favorable, albeit not close to the over $100 million one-time benefit received during 2003, according to Moody's.

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