On Jan. 7, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on U.K.-based leading apparel retailer Marks&Spencer PLC (M&S) to 'BBB-' from 'BBB' due to the company's ongoing operating underperformance. At the same time, Standard&Poor's affirmed its 'A-3' short-term corporate credit rating on the company. The outlook is stable. The downgrade reflects the deterioration in M&S' trading performance and profitability, which in combination with the ongoing low consumer confidence linked to the general economic slowdown will lead to debt-protection measures declining to levels no longer compatible with the 'BBB' rating category. Standard&Poor's believes that M&S' performance will be challenged by increasingly tough trading conditions in the U.K. retail market as
