Narrow product portfolio Customer concentration Better operating performance might not be sustainable Seasonal sales Intense competition Improved profitability and financial flexibility Leading global manufacturer of retailer brand (private label) soft drinks The ratings on Mississauga, Ont.-based Cott Corp. reflect what Standard&Poor's Ratings Services views as the company's 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, we believe Cott's improved financial performance might not be sustainable as it depends on the competitive actions of larger players, among other things. In addition, a significant reduction in business with its key customer, Wal-Mart Stores Inc. (AA/Stable/A-1+), could result in
