The ratings on U.K.-based apparel and food retailer Marks&Spencer PLC (M&S) reflect Standard&Poor's Ratings Services' view of the group's "satisfactory" business risk profile as the U.K.'s largest clothing retailer with a moderate presence in food retailing, and a "significant" financial risk profile, under our criteria. M&S' key business strengths are its leading position in the U.K. clothing market, and its established presence in the U.K. food retail market. In addition, the M&S brand benefits from its image as a quasi-national institution with an emphasis on high quality and product innovation. However, these strengths are partially offset by the intense pricing competition prevalent in the U.K.'s fragmented apparel retail market. Furthermore, the possibility of unsuccessful product ranges
