The ratings on Cott Corp. reflect the company's reliance on a few key accounts and improving, although still somewhat constrained, liquidity. These factors are partially offset by Cott's profitability and credit protection measures that have benefited from strong results from the company's U.S. operations, as well as a reduction in leverage. Toronto, Ont.-based Cott is the world's leading supplier of premium retailer branded beverages and the world's fourth-largest manufacturer of carbonated soft drinks (CSDs). Core geographic operations are in the U.S., Canada, and the U.K. The company provides food retailers with production and concentrate formulation, packaging, and inventory management. The U.S. remains by far Cott's most important market, representing 72% of fiscal 2002 sales and an even greater portion of
