On Aug. 27, 2008, Standard&Poor's Ratings Services lowered its ratings, including the long-term corporate credit rating to 'B-' from 'B', on Mississauga, Ont.-based beverage manufacturer Cott Corp. The ratings remain on CreditWatch with negative implications, where they were placed Feb. 26. The downgrade follows Cott's announcement of substantially weaker adjusted operating profit now expected for 2008, compared with the company's previous guidance. The decline is attributed to the effects of lower volume from competitive promotional activity and poor weather, increased raw material costs, and higher-than-anticipated start-up costs and shipment delays related to the North American water business. While management had expected a significant increase in adjusted operating profit year-over-year, Cott now expects 2008 adjusted operating profit to be
