...+ Marks & Spencer PLC (M&S) reported weaker-than-anticipated negative like-for-like (LFL) sales, in particular in its food segment, in the first half of the financial year ending March 31, 2019 (H1 FY2019). + The decline in LFL sales owes mainly to the product and pricing mix adjustments as part of the group's transformation program, and phasing of the Easter period compared to the same period last year. + At the same time, the group continues to focus on strengthening its balance sheet and maintaining its financial flexibility by ensuring strong liquidity, and tempering capital expenditure and cash returns to shareholders. + We are revising to negative from stable our outlook on M&S and affirming our '###-/A-3' long- and short-term issuer credit ratings. + The negative outlook reflects the possibility of a downgrade over the next 24 months if M&S were to fail to solidify its competitive position, especially in the food segment, rendering it unable to achieve positive overall and LFL sales...
