...- U.K.-based apparel retailer Next PLC's operating performance was stronger than we previously expected in the fiscal year ending Jan. 30, 2021 (FY2021), driven by a focus on cost management and cash preservation. - We see encouraging signs of an economic recovery in the U.K. as the lockdown eases and nonessential shops reopen. These positive signs, combined with Next's plans to continue to reduce debt, should lead to a pickup in its operating results and credit metrics in FY2022 and FY2023. - Therefore, we have revised our outlook on Next to positive from stable and affirmed our '###-/A-3' long- and short-term issuer credit ratings on the company. - The positive outlook reflects the possibility that we could raise our ratings on Next if its earnings recover sustainably over the next 12 months, in line with our expectations, and if it continues to reduce debt and maintain a prudent financial policy....
