The ratings on Cott Corp. reflect its strengthening operating results and lower operating costs, reflecting various cost-cutting initiatives. The ratings also reflect the company's leading global share of the retailer (private-label) brand of the carbonated soft drink market; a customer base consisting of first-rate food and mass merchant retailers; an integrated business structure; and improving cash flow and cost structure. These factors are offset by relatively high leverage, somewhat restricted liquidity, and dependence on a few key accounts. Cott is the world's leading supplier of private-label carbonated soft drinks. Core operations are concentrated in the U.S., Canada, and the U.K., where, combined, Cott has a 60% average market share of the US$3 billion retail value private-label business. The company has
