Summary: Marks & Spencer PLC Jun 05
- ID: 2025250
- June 2005
- Standard & Poors
The ratings on U.K.-based Marks & Spencer PLC (M&S) reflect the group's leading market position with good brand recognition in the highly competitive, volatile, and seasonal U.K. apparel-retail market and decent upmarket, niche position in the U.K. food-retail market. The ratings also reflect the expectation that operating earnings will improve during financial 2006, as the new management implements its turnaround strategies. The ratings are also supported by management's commitment to restoring and sustaining a financial profile consistent for the current ratings. Since a strategic review in July 2004 by the group's new management team, led by CEO Stuart Rose, M&S is undertaking a fundamental change in its supply chain whilst implementing various new retailing initiatives amidst fierce competition from discount-oriented...
Companies mentioned in this report are:
- Marks & Spencer 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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >