Strong brand in the U.K. home market with a growing international and multichannel presence. Growing presence in the convenience focused U.K. food retail market, despite intense competition. Challenging trading conditions due to the fashion-oriented and highly competitive nature of the U.K. apparel and general merchandise retail market. Credit metrics constrained by relatively substantial debt burden, including off-balance sheet liabilities such as operating lease commitments and pension obligations. Expected improvement in free operating cash flow (FOCF) after meaningful reduction in capital expenditure (capex). Medium-term debt maturity profile. The stable outlook on Marks&Spencer PLC (M&S) reflects Standard&Poor's Ratings Services' view that, despite difficult trading conditions in its home market and in the apparel and general merchandise segment, M&S
