U.K.'s largest clothing retailer. Established presence in the U.K. food retail market, albeit with bias toward price-sensitive convenience offerings. Well-recognized brand with an emphasis on quality and innovation. Fashion-oriented, highly competitive, and seasonal nature of the U.K. apparel retail market exposes the company to volatility in operating performance. Credit metrics constrained by still-relatively substantial debt burden, including off-balance sheet liabilities such as operating lease commitments. Cash flow generation constrained by high discretionary capital expenditures. The ratings on U.K.-based apparel and food retailer Marks&Spencer PLC (M&S) reflect Standard&Poor's Ratings Services' view of the group's "satisfactory" business risk profile as the U.K.'s largest clothing retailer with a moderate presence in food retailing, and a "significant" financial risk profile,
