Strong brand in the U.K. home market and a growing international and multichannel business. Good market position in the niche convenience focused U.K. food retail, despite intense competition. Difficult trading conditions because the U.K. apparel and general merchandise retail market is fashion-oriented, weather-dependent, and highly competitive. Credit metrics constrained by relatively substantial debt burden, including off-balance-sheet liabilities such as operating lease commitments and pension obligations. Expected improvement in free operating cash flow (FOCF) after meaningful reduction in capital expenditure (capex). Medium-term debt maturity profile. The stable outlook on Marks&Spencer PLC (M&S) reflects our view that, despite difficult trading conditions in its home market and in the apparel and general merchandise segment, M&S will be able to maintain its
