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A Summer Of Consumer Caution Could Mean Negative Ratings Pressure For U.K. Nonfood Retailers Sep 05
Standard & Poors, Sep 2005
Abstract
Slower economic growth and weaker consumer confidence have cast a shadow over the U.K.'s -130 billion ($237 billion) nonfood retail sector. This subsegment of the overall retail industry, which is dependent on discretionary consumer expenditure, is bearing the brunt of higher taxes, national insurance contributions, fuel costs, and enduring concerns about lower activity in the housing market and consumer debt servicing. Standard & Poor's Ratings Services expects the effects of the sluggish macroeconomic environment to be shown when more companies report their forthcoming results. According to the British Retail Consortium, there was a like-for-like sales decline of 1% across the retail sector in August 2005, the fifth consecutive month of decline. Only two months in the past 10 have shown...
Companies mentioned in this report are: Alliance Boots Ltd.,Marks & Spencer PLC,Kingfisher PLC,Signet Jewelers Ltd.,Experian Finance PLC,Next PLC,Focus DIY (Finance) PLC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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