Marks & Spencer Cut To 'BBB-' On Continuing Underperformance; Outlook Stable Jan 09

Standard & Poors, January 2009

Abstract
LONDON (Standard & Poor's) Jan. 7, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term corporate credit rating on U.K.-based leading apparel retailer Marks & Spencer PLC (M&S) to 'BBB-' from 'BBB' due to the company's ongoing operating underperformance. At the same time, Standard & Poor's affirmed its 'A-3' short-term corporate credit rating on the company. The outlook is stable. "The downgrade reflects the deterioration in M&S' trading performance and profitability, which in combination with the ongoing low consumer confidence linked to the general economic slowdown will lead to debt protection measures declining to levels no longer compatible with the 'BBB' rating category," said Standard & Poor's credit analyst Marketa Horkova. Standard & Poor's believes that M&S'...

Companies mentioned in this report are: Marks & Spencer PLC
Action: Affirmed
Action: Downgraded
Action: Outlook: Stable

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.

Marks & Spencer PLC

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