Fitch upgrades Crown

Fitch Ratings said it upgraded the issuer default ratings of Crown Holdings, Inc., Crown Cork & Seal Co., Inc., Crown Americas, LLC and Crown European Holdings, SA to BB+ from BB, Crown Cork & Seal's senior notes to BB from BB- and Crown Americas' and Crown European's senior notes to BB+ from BB.

The agency also affirmed the credit facilities of Crown Americas and Crown European at BBB- and assigned a BBB- rating to Crown Americas' additional $350 million term loan due June 2016.

The outlook is stable.

Fitch said the upgrade reflects the continued progress and expansion within Crown's operating segments that have led to sustainable improvements in profitability and credit measures. Consequently, the agency believes the company is well positioned to materially increase its sustainable cash generation in 2013 and 2014.

Crown's ratings are supported by the stable cash flows associated with its contractual commitments and cost pass-through despite a challenging economic global environment, the agency said.

Credit risks include the increase in revenue exposure to more volatile, higher-growth emerging markets, macro events outside the control of the company, the company's asbestos liability and its pension deficit, Fitch said.

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