Crown Holdings downgraded by Moody's
Moody's Investors Service downgraded Crown Holdings Inc.'s overall corporate credit rating by one notch, to Ba2 from Ba3, citing a deterioration in the Philadelphia-based packaging company's financial measures caused by two major debt-financed acquisitions in a year.
Moody's Investors Service downgraded Crown Holdings Inc.'s overall corporate credit rating by one notch, to Ba2 from Ba3, citing a deterioration in the Philadelphia-based packaging company's financial measures caused by two major debt-financed acquisitions in a year.
Crown, which produces metal food and beverage containers all over the world, agreed last month to buy Mexican can maker Empaque for $1.23 billion. The company agreed to buy Spanish rival Mivisa Envases S.A.U. for $1.62 billion last October. - Harold Brubaker