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Marks & Spencer 'BBB/A-2' Ratings Affirmed After Announced Increased Share Buybacks Nov 07 Product Image

Marks & Spencer 'BBB/A-2' Ratings Affirmed After Announced Increased Share Buybacks Nov 07

  • ID: 2026211
  • November 2007
  • Standard & Poors

Abstract
LONDON (Standard & Poor's) Nov. 6, 2007--Standard & Poor's Ratings Services has affirmed its 'BBB' long-term and 'A-2' short-term corporate credit ratings on U.K.-based retailer Marks & Spencer PLC (M&S). This follows the group's announcement of a significant increase in its 2008-2009 share buyback program and a consequent rise in future leverage, indicating a more aggressive yet still moderate financial policy. The outlook is stable. "The affirmation reflects that, although nearly all financial flexibility within the ratings is likely to be exhausted, Standard & Poor's considers M&S' business profile to be strong enough to accommodate the increase in leverage," said Standard & Poor's credit analyst Marketa Horkova. "Nevertheless, we would also expect management to take measures to preserve credit quality...

Companies mentioned in this report are:
- Marks & Spencer PLC

Action: Affirmed

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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