On Nov. 6, 2007, Standard&Poor's Ratings Services said that it has affirmed its 'BBB' long-term and 'A-2' short-term corporate credit ratings on U.K.-based retailer Marks&Spencer PLC (M&S). This follows the group's announcement of a significant increase in its 2008-2009 share buyback program and a consequent rise in future leverage, indicating a more aggressive yet still moderate financial policy. The outlook is stable. The affirmation reflects that, although nearly all financial flexibility within the ratings is likely to be exhausted, Standard&Poor's considers M&S' business profile to be strong enough to accommodate the increase in leverage. Nevertheless, we would also expect management to take measures to preserve credit quality in the event of any deterioration in
