Tesco's board has announced that it believes that the profit guidance the group issued last month for the six months to Aug. 23, 2014, was overstated by an estimated £250 million. The board has commissioned an independent and comprehensive review, working closely with external financial and legal advisers. We are placing our 'BBB/A-2' long- and short-term corporate credit ratings on Tesco PLC on CreditWatch with negative implications. We plan to resolve our CreditWatch placement when the findings of the independent investigation are available and the implications for Tesco's management, governance, profitability, and financials are clearer. On Sept. 24, 2014, Standard&Poor's Ratings Services placed its 'BBB' long-term corporate credit rating and 'A-2' short-term corporate credit rating on U.K.-based international
