Standard&Poor's Ratings Services derives its 'BBB-' issuer credit rating on U.K.-based apparel and food retailer Marks&Spencer PLC (M&S) from: Our anchor of 'bbb-', based on our 'satisfactory' business risk and 'significant' financial risk profile assessments for the company. The modifiers have no impact on the rating outcome. U.K.'s largest clothing retailer. Established presence in the U.K. food retail market, albeit with a bias toward price-sensitive convenience offerings. Well-recognized brand with a growing international and multi-channel presence. Challenging trading conditions due to the fashion-oriented and highly competitive nature of the U.K. apparel and general merchandise retail market. Credit metrics constrained by relatively substantial debt burden, including off-balance sheet liabilities, such as operating lease commitments. Operating cash flow
