London -- Standard&Poor's CreditWire 12/21/1998 -- Standard&Poor's today affirmed its long-term triple-'A' and short-term 'A-1'-plus corporate credit and debt ratings on Marks&Spencer PLC (M&S) and related entities (see list below). At the same time, the outlook was revised to negative from stable. M&S, which continues to benefit from a very strong position in the U.K., has become less recession-resilient, as evidenced by the impact of the current downturn in consumer spending on its retail margins. Hence, the redefinition and future implementation of a clear and consistent recovery strategy will be closely monitored by Standard&Poor's. M&S' financial profile remains extremely strong, with lease-adjusted net debt remaining very modest at the retail arm and
