On Nov. 13, 2002, Standard&Poor's Ratings Services assigned its 'A+' long-term and 'A-1' short-term corporate credit ratings to U.K.-based food retailer Tesco PLC. The outlook is stable. The ratings on Tesco are primarily underpinned by its leading market position and superior operating performance in the stable but competitive U.K. food retail market. The ratings also reflect the group's growing international diversification and moderate financial profile owing to ongoing substantial capital investments. With sales of about £23.7 billion ($36.6 billion) and lease-adjusted EBITDA of £2.0 billion, Tesco is the leading U.K. food retailer with a 17.5% market share. The company derived about 85% of group sales and 91% of its EBIT from the U.K. market in financial 2002. Tesco's
