TORONTO (Standard&Poor's) Jan. 28, 2005--Standard&Poor's Ratings Services today said it revised its outlook on the leading supplier of retailer-branded soft drinks, Cott Corp., to stable from positive. At the same time, Standard&Poor's affirmed the ratings on the company. "The outlook revision follows Cott's announcement of its fourth-quarter 2004 financial performance, which was weaker than expected due to challenges with the company's U.S. business," said Standard&Poor's credit analyst Lori Harris. Although fourth-quarter sales increased 7%, reported operating income dropped 29% during this time because of a lower gross margin. Cott's gross margin declined to 15.4% in the fourth quarter ended Jan. 1, 2005, from 19.8% in the same period a year earlier because
