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Summary: Marks & Spencer PLC Dec 06

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Abstract
The ratings on U.K.-based Marks & Spencer PLC (M&S) reflect the group's leading market position in the U.K. apparel-retail market and strong upmarket position in the U.K. food-retail market. The ratings also reflect the expectation that management will continue to maintain the trading momentum in sales and profit improvement, and also its reestablished competitive position. The ratings are further supported by a financial policy and profile consistent for the ratings. The ratings are constrained by the highly competitive, volatile, and seasonal nature of the U.K. apparel-retail market. In addition to seasonality, the industry also faces the risks of changes in fashion, which exposes the group to volatility in sales operating earnings. With sales of -8.2 billion and earnings before interest,...

Companies mentioned in this report are: Marks & Spencer PLC
Action: Review

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.

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Marks & Spencer PLC

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Summary: Marks & Spencer PLC Dec 06

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