LONDON (Standard&Poor's) Nov. 9, 2004--Standard&Poor's Ratings Services said today that the ratings on the senior unsecured euro medium-term notes issued by Marks and Spencer Financial Services p.l.c (M&SFS; notes rated BBB/Watch Pos) are unchanged following the announcement that HSBC Bank PLC (AA-/Stable/A-1+) is to launch an exchange offer for them. HSBC Bank today completed the previously announced acquisition of Marks and Spencer Retail Financial Services Holdings Ltd. (not rated; the holding company of M&SFS) for £762 million. HSBC Bank will now make an offer to all holders of M&SFS' 21 outstanding note issues to exchange them for senior unsecured notes issued by HSBC Bank with the same respective nominal amounts, coupons, and maturities. Since Standard&
