Moody's assigns Crown European notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to the new backed senior unsecured notes issued by Crown European Holdings SA, a subsidiary of Crown Holdings, Inc.

Crown Holdings, Inc.'s Ba1 corporate family rating, Ba1-PD probability of default rating, SGL-2 speculative grade liquidity rating and stable outlook remain unchanged. The instrument ratings assigned to the group's subsidiaries also remain unchanged.

"Over the near term, we expect that part of the cash proceeds will be maintained on the balance sheet given the current high-interest rate environment," said Motoki Yanase, vice president and senior credit officer at Moody's, in a press release.

"We still expect the company will use the cash proceeds to paydown a part of the group's term loan facilities and eventually repay its euro senior unsecured notes maturing in 2024," Yanase added.

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