On July 12, 2004, Standard&Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based retailer Marks&Spencer PLC (M&S) to 'BBB/A-2' from 'A/A-1', following the group's announcement that it will return up to £2.3 billion ($4.3 billion) to shareholders in financial 2005. The ratings remain on CreditWatch with negative implications, where they were placed on May 28, 2004, reflecting the impact of both a potential bid from Revival Acquisition Ltd. (a company owned by retail entrepreneur Philip Green), and the possibility that the group's financial policy might be more aggressive than is factored into the current 'BBB/A-2' ratings, as demonstrated by the group's intention to use future surplus cash flows to pursue a share
