Container, red, is covered in holes (8)

I believe the answer is:

cratered

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'covered in holes' is the definition.
The definition suggests a past participle verb which matches the answer.

'container red' is the wordplay.
'container' becomes 'crate' (crate is a type of container).
'crate'+'red'='CRATERED'

'is' is the link.

Can you help me to learn more?

(Other definitions for cratered that I've seen before include "lacking a smooth surface" , "pitted" .)

I've seen this clue in the Sydney Morning Herald.

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