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
