...Fitch Ratings affirmed Marks and Spencer Group Plc's Issuer Default Rating (IDR) and senior unsecured rating at `BBB-' and the Short-Term IDR at `F3' on 13 October 2017. The Outlook remains Stable. The affirmation and Stable Outlook are supported by M&S's strong brand name, relatively stable customer base, and its large scale, reputation for high quality in food and steady credit metrics and profile. EBIT margins remain steady and we believe the group generates above-average EBIT margins from its premium food operations, which are expanding market share slightly. The food operations are performing well, but the ratings are constrained by the competitive environment facing the Clothing and Home (CH) division based on consumers' growing preference for shopping in digital and convenience formats. There has also been an inability to capture fashion trends and attract the younger consumer. M&S nevertheless remains a leading company in the UK clothing sector, and there are at last signs of trading...
