The ratings on Cott Corp. reflect the company's narrow product portfolio, customer concentration, acquisitive nature, and small size in a sector dominated by companies with substantially greater financial resources. These factors are partially offset by Cott's solid credit protection measures and good market position as a private label manufacturer and marketer of take home carbonated soft drinks (CSDs). Cott competes in the highly competitive soft drink category alongside bigger players by seeking a strong private label share. Despite this defensive operating strategy, the company is vulnerable to pricing and market share actions by competitors. Toronto, Ont.-based Cott is the world's leading supplier of retailer branded beverages and the fourth-largest manufacturer of CSDs. Core geographic operations are in the U.S., Canada,
