U.K.'s largest clothing retailer, with a strong, upmarket position in the U.K. food retail market Revitalized and well-recognized brand, supported by effective advertising campaign Operationally strong management team that is proving successful in re-establishing competitive position Commitment to maintaining a financial policy consistent with the ratings Participation in the intensely competitive apparel industry that is prone to fashion risk and seasonality, which exposes the group to volatility in sales and operating earnings The ratings on U.K.-based Marks&Spencer PLC (M&S) are supported by the group's leading position in the U.K. apparel-retail market and its strong presence at the upper-end of the U.K. food-retail market, but are constrained by the intense competition prevalent in the U.K.'s fragmented apparel retail market,
