...Kingfisher plc's financial metrics remain sound compared with the overall retail sector; however any possibility of upgrading the rating is constrained by the macro environment in the UK, increasing French competitive pressures, exposure to the UK housing market, changing consumer spending trends, increasing online competition and the recourse to share buybacks. Our forecasts show a stable leverage profile as free cash flow (FCF) continues to be absorbed by share buybacks until FY18/19 (end-January 2019)....