We are raising the ratings on Cott Corp. including the long-term corporate credit rating to 'B' from 'B-'. We base the upgrade on Cott's significantly improved operating performance, as reflected in its results for the third-quarter ended Sept. 26, 2009. We assigned our 'B' issue-level rating and '4' recovery rating to wholly owned U.S. subsidiary Cott Beverages Inc.'s proposed US$200 million senior unsecured notes due 2017. Cott will use the proceeds to repay the remaining balance outstanding on its US$275 million senior subordinated notes due 2011. The stable outlook on Cott reflects our expectation that the company can sustain its operating performance, credit ratios, and financial flexibility in the medium term. On Oct. 29, 2009, Standard&Poor's Ratings Services
