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Moody’s gives Crown note Ba2
Moody's Investors Service said it assigned a Ba2 rating to the proposed senior unsecured notes of Crown European Holdings SA, a subsidiary of Crown Holdings, Inc.
Crown Holdings' Ba2 corporate family, Ba2-PD probability of default and other instrument ratings are unchanged.
The outlook is stable.
Proceeds from the new €600 million senior unsecured notes due 2025 will be used to refinance the existing $675 million senior secured term loan B due February 2022.
Moody’s said the rating is constrained by the company's concentration of sales, exposure to weak international markets, especially Europe, and risks inherent in its strategy to grow in emerging markets. The rating is also constrained by the ongoing asbestos liability and the integration risk inherent from two recent, sizeable acquisitions, the agency said.
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