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Summary: Marks & Spencer PLC Nov 10
Standard & Poors, November 2010
The ratings on Marks & Spencer PLC (M&S) reflect Standard & Poor's Ratings Services' view of the company's satisfactory business risk profile. This is supported by M&S' position as the U.K.'s largest clothing retailer, as well as its established presence in the U.K. food retail market, which benefits from the nondiscretionary nature of food spending. In addition, the M&S brand benefits from its image as a quasi-national institution with an emphasis on high quality and product innovation. These strengths are partially offset by the intense price competition prevalent in the U.K.'s fragmented apparel retail market. Further risks associated with the apparel market are the possibility of unsuccessful product ranges due to ever-changing fashion trends and the discretionary nature of apparel...
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.
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Marks & Spencer PLC