LONDON (Standard&Poor's) March 1, 2004--Standard&Poor's Ratings Services said today that its ratings and outlook on U.K.-based retailer Marks&Spencer PLC (M&S; A/Stable/A-1) are unaffected by the company's announcement that it will make an additional contribution of £400 million ($750 million) to accelerate the funding of its pension obligations in the U.K. Although Standard&Poor's considers unfunded pension obligations as debt-like, the additional contribution is considered to be essentially neutral, as an increase in the company's financial debt is matched by a similar decrease in its pension deficit. The ratings on M&S continue to reflect the company's leading position in the U.K.'s intensely competitive apparel retail market, its strong brand recognition, well-established upmarket niche position
