On July 31, 2003, Standard&Poor's Ratings Services raised its long-term corporate credit rating on beverage manufacturer Cott Corp. to 'BB' from 'BB-'. At the same time, the senior secured debt rating was raised to 'BB+' from 'BB'. According to Standard&Poor's criteria, when secured debt accounts for a significant proportion of assets and cash flow, unsecured debt is notched down from the corporate credit rating. In this case, Cott's junior-ranking subordinated notes are notched down twice from the long-term corporate credit rating. The company's priority debt is notched upward once from the long-term corporate credit rating, reflecting the strong likelihood of full recovery of principal in the event of default or bankruptcy. The ratings actions reflect improved
