Moody's upgrades Crown Holdings

Moody's Investors Service said it upgraded it ratings for Crown Holdings, Inc. and its subsidiaries, including its corporate family rating to Ba1 from Ba2, Crown Americas LLC’s senior secured bank rating to Baa1 from Baa2 and unsecured bond rating Ba2 from Ba3 and Crown European Holdings SA’s secured bank rating to Baa1 from Baa2 and senior unsecured rating to Ba1 from Ba2. The company's speculative grade liquidity rating was maintained at SGL-2.

"The upgrade reflects our expectation that Crown will maintain financial discipline by controlling future share repurchase to keep its net leverage between 3x and 3.5x that it targets," said Motoki Yanase, a Moody’s vice president and senior credit officer, in a press release.

"On a gross basis and including our standard adjustments, this translates to keeping below 4x leverage for the next 12-18 months, appropriate for Ba1 CFR and in line with similarly rated peers," added Yanase.

The outlook is stable.

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