S&P rates Crown notes BB, BB-

S&P said it assigned a BB rating with a recovery rating of 3 to Crown European Holdings SA's proposed €310 million senior unsecured notes due 2024.

The 3 recovery rating indicates 50% to 70% expected default recovery.

Crown European is a subsidiary of Crown Holdings Inc., the agency said.

S&P also said it assigned a BB- rating with a recovery rating of 5 to Crown Americas LLC’s and Crown Americas Capital Corp. IV’s proposed $350 million senior unsecured notes due 2026. The 5 recovery rating indicates 10% to 30% expected default recovery.

The dual issuers also are subsidiaries of Crown Holdings, the agency said.

The proceeds of the offering, along with other available funds, will be used to repay a portion of its term loan facility, pay related fees and expenses associated with offering of the notes and for general corporate purposes, S&P said.

The ratings on the debt are based on the company’s BB corporate credit rating, reflecting its satisfactory business risk and aggressive financial risk profile, the agency said.

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