Strong market positions; Good brand recognition; Operationally strong management team that is proving successful in reestablishing competitive position; and Commitment to maintaining a financial policy consistent with the ratings. Participation in the intensively competitive apparel industry; and Fashion risk and seasonality, which exposes the group to volatility in sales operating earnings. The ratings on U.K.-based Marks&Spencer PLC (M&S) reflect the group's leading market position in the U.K. apparel-retail market and strong upmarket position in the U.K. food-retail market. The ratings also reflect the expectation that management will continue to maintain the trading momentum in sales and profit improvement, and also its reestablished competitive position. The ratings are further supported by a financial policy and profile consistent for the
