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BULLETIN: Marks & Spencer Ratings Unaffected by Additional Pension Funding Plans Mar 04
Standard & Poors, March 2004
Abstract
LONDON (Standard & Poor's) March 1, 2004--Standard & Poor's Ratings Services said today that its ratings and outlook on U.K.-based retailer Marks & Spencer PLC (M&S; A/Stable/A-1) are unaffected by the company's announcement that it will make an additional contribution of -400 million ($750 million) to accelerate the funding of its pension obligations in the U.K. Although Standard & Poor's considers unfunded pension obligations as debt-like, the additional contribution is considered to be essentially neutral, as an increase in the company's financial debt is matched by a similar decrease in its pension deficit. The ratings on M&S continue to reflect the company's leading position in the U.K.'s intensely competitive apparel retail market, its strong brand recognition, well-established upmarket niche position...
Companies mentioned in this report are: Marks & Spencer PLC
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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