LONDON (Standard&Poor's CreditWire) Sept. 28, 1999--Standard&Poor's today lowered its long-term ratings on Marks&Spencer PLC and related entities to double-'A' from double -'A'-plus. At the same time, Standard&Poor's affirmed its 'A-1'-plus short-term ratings on the group. The outlook is negative. (See list below.) The ratings downgrade follows Marks&Spencer's announcement on Sept. 27, 1999, that like-for-like sales for the 26 weeks to Sept. 25, 1999, are down 7.8%, while profits before taxes will be £185 million ($304 million) to £195 million, before exceptional costs. This compares with profit before exceptional items of £348 million in the first half of last year. The group has also stated that results from its program of
