We anticipate that U.K. apparel and homeware retailer Next PLC will continue to execute strongly amid various challenges facing U.K. retailers and further invest in its business as it pursues growth opportunities. Despite the continued investment as well as sustained dividends and share buybacks, Next should maintain solid credit metrics, with S&P Global Ratings-adjusted debt to EBITDA below 1.5x and funds from operations (FFO) of debt of 57%-64% over the next 24 months. We therefore affirmed our 'BBB/A-2' long- and short-term issuer credit ratings on Next. The stable outlook reflects that Next will sustain its strong operating performance despite our expectations of weak industry conditions as U.K. consumers deal with the high cost of living. The stable outlook reflects our
