LONDON (Standard&Poor's CreditWire) March 29, 2001--Standard&Poor's today announced that its double-'A'-minus long-term and 'A-1'-plus short-term credit ratings on Marks&Spencer PLC and related entities will remain on CreditWatch with negative implications, where they were placed on Jan. 24, 2001. This action follows Marks&Spencer's announcement of its wide-ranging strategic review. Marks&Spencer's new strategic review includes the closure of its Continental European subsidiaries, the sale of Brooks Brothers and Kings Super Markets in the U.S., the closure of its Direct catalogue business in the U.K., and the disposal and sale and leaseback of almost one-half of its property portfolio. In addition, the group announced that it is to return £2 billion of cash
