Relatively small size and modest position in the mature and declining carbonated soft drink (CSD) 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 on Cott Corp. is based on S&P Global Ratings' expectation that the company will maintain adjusted debt to EBITDA of 4.5x-5.0x and EBITDA interest coverage above 3.0x as acquisition synergies accrete to earnings in 2017, contributing to modest debt reduction from free cash flow. We incorporate incremental margin enhancements through cost reductions, supported by modest
