Saturday, October 04, 2008 11:54:47 PM
Wednesday August 27, 2:21 pm ET
S&P lowers debt rating for Canadian soft drink company Cott, keeps it on CreditWatch
TORONTO (AP) -- Standard & Poor's rating agency on Wednesday downgraded its debt rating on Canadian soft drink company Cott Corp. further into junk status and kept the company on watch for possible further downgrades.
ADVERTISEMENT
The company's long-term credit rating was lowered to "B-" from "B." A rating of "B" means the debtor has the ability to repay but that adverse conditions would likely hurt that ability.
Its ratings remain on watch with negative implications. They have been on watch since Feb. 26.
"The downgrade follows Cott's announcement of substantially weaker adjusted operating profit expected for 2008, compared with the company's previous guidance," S&P credit analyst Lori Harris said in a statement.
On Tuesday, Cott lowered its outlook for its 2008 operating profit and retracted its previous guidance for 2009 profit. The company said North American sales are declining faster than expected and packaging costs are rising by more than anticipated.
Shares fell 16 cents, or 7.8 percent, to $1.90 in afternoon trading Wednesday, continuing Tuesday's losses.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM