According to the 2005 Cougar brochure
https://www.rvroundtable.com/wp-cont...arbrochure.pdf the sidewalls are aluminum construction. Even though the studs are aluminum, the trailer sidewalls contain two layers of luan plywood with a core of insulating foam. The outer siding is FILON (a gelcoat fiberglass) sheeting.
There can be substantial rot in the walls if the luan has become saturated from rot, even if the aluminum studding is intact. Finding the cause and extent of damage is essential to a good repair, however with a 14 year old trailer, you may find that the expense of contracting a RV service center to do the job will cost substantially more than the trailer's value.
Sort of a "catch 22" in how much money to invest to find out how much it will cost to then decide not to repair it because it's too expensive.....
Rotten sidewalls are very possible, even with aluminum framing.