The ratings on Mississauga, Ont.-based Cott Corp. reflect what Standard&Poor's Ratings Services considers the company's vulnerable business risk profile stemming from its small size in a sector dominated by companies with substantially greater financial resources and market presence; customer concentration; and susceptibility to commodity cost swings. We believe these factors are partially offset by Cott's credit protection measures, which are good for the ratings; and leading market positions in private label take-home carbonated soft drinks (CSDs) in the U.S., the U.K., and Canada, as well as shelf stable juices in the U.S. and Canada. A significant reduction in business with Cott's key customer, Wal-Mart Stores Inc. (AA/Stable/A-1+), could result in a material weakening of credit protection measures. In
