On July 20, 2007, Standard&Poor's Ratings Services kept its ratings on Toronto-based beverage provider Cott Corp. on CreditWatch with developing implications following the company's announcement of its second-quarter 2007 results, which were below our expectations. On April 16, 2007, Standard&Poor's placed the ratings on CreditWatch with developing implications because of Cott's decision to explore its possible participation in industry consolidation. The developing implications placement means that the ratings could be raised, lowered, or affirmed, depending on the outcome of our review. Cott's performance was very weak in the second quarter ended June 30, 2007, with flat revenue and a significant decline in operating profit compared with the same period in 2006. This decline was primarily because
