Relatively small size and modest position in the mature and declining carbonated soft drink and juice markets Growing market position in the competitive, fragmented, and discretionary water delivery industry Increased product breadth and better earnings stability through recent acquisitions Aggressive financial policies of using debt to fund acquisitions Acquisitive growth strategy introduces execution risk and potential unexpected earnings volatility Adequate liquidity The stable outlook is based on Standard&Poor's Ratings Services expectation that Cott Corp. will maintain adjusted debt to EBITDA of 5.0x-5.5x and EBITDA interest coverage of about 3.0x for the next couple of years as acquisition synergies accrete to earnings in 2016, contributing to some debt reduction from free cash flow. We incorporate incremental margin enhancements through
