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Bulletin: M&S Ratings Unaffected By ?500 Million Property-Backed Pension Funding Plan Jan 07
Standard & Poors, Jan 2007
Abstract
LONDON (Standard & Poor's) Jan. 23, 2007--Standard & Poor's Ratings Services said today that its ratings and outlook on U.K.-based retailer Marks & Spencer PLC (M&S; BBB/Stable/A-2) are unchanged following the group's announcement to fund a large part of its U.K. defined benefit pension scheme deficit via a property-backed partnership. The pension deficit--which was -1.03 billion at Sept. 30, 2006, on an IAS 19 valuation, or -704 million at March 31, 2006, on an actuarial valuation--will be reduced by -500 million. This is a result of M&S contributing properties into a partnership with the pension scheme, thereby creating a plan asset. We view today's announcement as broadly neutral to the group's ratings. The deficit, which we consider akin to debt,...
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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