LONDON (Standard&Poor's) Jan. 7, 2009--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit rating on U.K.-based leading apparel retailer Marks&Spencer PLC (M&S) to 'BBB-' from 'BBB' due to the company's ongoing operating underperformance. At the same time, Standard&Poor's affirmed its 'A-3' short-term corporate credit rating on the company. The outlook is stable. "The downgrade reflects the deterioration in M&S' trading performance and profitability, which in combination with the ongoing low consumer confidence linked to the general economic slowdown will lead to debt protection measures declining to levels no longer compatible with the 'BBB' rating category," said Standard&Poor's credit analyst Marketa Horkova. Standard&Poor's believes that M&S'
