Leading global manufacturer of retailer brand (private label) soft drinks Integrated solution for retailers Restructuring under way to improve operations through a North American realignment Decline in operating margin due to weak financial performance Significant increase in year-over-year debt leverage Narrow product portfolio Customer concentration with top customer accounting for about 40% of sales Seasonal sales Acquisitive Intense competition The ratings on Toronto-based Cott Corp. reflect its vulnerable business risk profile stemming from a narrow product portfolio, customer concentration, and small size in a sector dominated by companies with substantially greater financial resources and market presence. Furthermore, the company's weak operating performance has resulted in an ongoing decline in operating margin since 2003. These factors are partially offset by Cott's
