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Research Update: Cott Corp. Cut To 'CCC+' From 'B-' On Weakened Profit And Financial Flexibility; Outlook Stable

Published Jan 30, 2009

1335 words — Published Jan 30, 2009

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Abstract:

On Jan. 30, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Mississauga, Ont.-based Cott Corp. (Cott) to 'CCC+' from 'B-'. At the same time, we lowered the senior subordinated debt rating on wholly owned U.S. subsidiary Cott Beverages Inc. to 'CCC-' from 'CCC'. We also removed all ratings from CreditWatch with negative implications, where they were placed Feb. 26, 2008. The outlook is stable. In addition, we assigned a '6' recovery rating to Cott Beverages' US$275 million senior subordinated notes due 2011. The '6' recovery rating indicates our expectation of negligible (0%-10%) recovery in the event of a payment default. The downgrade reflects what we view as Cott's weak financial risk profile stemming from ongoing

Brief Excerpt:

RESEARCH Research Update: Cott Corp. Cut To '###+' From 'B-' On Weakened Profit And Financial Flexibility; Outlook Stable Publication date: 30-Jan-2009 Primary Credit Analyst: Lori Harris, Toronto (1) 416-507-2546; lori_harris@standardandpoors.com...

Report Type:

Research Update

Ticker

BCB@CN

Issuer

Cott Corp.

GICS

Soft Drinks (30201030)

Sector

Global Issuers

Country

Canada

Region

Canada

Format:

HTML

Cott Corp. CCR Raised To 'B-' From 'CCC+' On Improved Profitability And Financial Flexibility; Outlook Stable – 2009/07/28 – US$ 150.00

Research Update: Cott Corp. Upgraded To 'B-' From 'CCC+' On Improved Profitability And Financial Flexibility; Outlook Stable – 2009/07/28 – US$ 225.00

Cott Corp. – 2009/08/12 – US$ 500.00

Summary: Cott Corp. – 2009/08/12 – US$ 225.00

Cott Corp. Upgraded To 'B' From 'B-' On Improved Operating Performance; Proposed US$200 Million Notes Rated ?B? – 2009/10/29 – US$ 150.00

Cott Corp. Downgraded To 'CCC+' From 'B-' On Weakened Profit And Financial Flexibility; Outlook Stable – 2009/01/30 – US$ 150.00

Cott Corp. – 2008/09/12 – US$ 500.00

Summary: Cott Corp. – 2008/09/12 – US$ 225.00

Cott Corp. Downgraded On Significant Drop in 2008 Profit Expectations; Still On Watch Neg – 2008/08/27 – US$ 150.00

Research Update: Cott Corp. Ratings Cut On Significant Drop in 2008 Profit Expectations; Still On Watch Neg – 2008/08/27 – US$ 225.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: Cott Corp. Cut To 'CCC+' From 'B-' On Weakened Profit And Financial Flexibility; Outlook Stable" Jan 30, 2009. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Cott-Corp-Cut-To-CCC-From-B-On-Weakened-Profit-And-Financial-Flexibility-Outlook-Stable-699505>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: Cott Corp. Cut To 'CCC+' From 'B-' On Weakened Profit And Financial Flexibility; Outlook Stable Jan 30, 2009. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Cott-Corp-Cut-To-CCC-From-B-On-Weakened-Profit-And-Financial-Flexibility-Outlook-Stable-699505>

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