The ratings on U.K. retailer Marks&Spencer PLC and related entities reflect the continuing underperformance of the group's core U.K. clothing business, together with the shift to a more aggressive financial policy with its announcement of a £2 billion ($2.9 billion) share buyback, which forms part of a wide-ranging strategic review. Over the key Christmas trading period, like-for-like sales for the 16-week period to Jan. 20, 2001, fell by 5.1%, with the group's clothing business reporting a fall in actual sales of 9.3% compared with the corresponding period last year. The group's performance continued to be disappointing, with sales in the clothing business down 6.5% on a like-for-like basis in the nine weeks to March 24, 2001. Marks&
