Summary: Marks&Spencer PLC

Well-known brand and extensive footprint of 1,035 stores in the highly competitive and fragmented domestic U.K. retail market, with leading market shares in its niche segments and a multichannel platform, particularly in non-food. One of the largest retailers in the U.K., with over £10.5 billion in annual revenues balanced between high-margin discretionary clothing and home merchandise and a less-cyclical food offering focused on faster-growth convenience and premium-quality segments. Robust business scale that supports our forecast of stable profitability, with an S&P Global Ratings-adjusted EBITDA margin of 12.5%-14.0% from the fiscal year (FY) ending March 31, 2019, to FY2021, which compares favorably with other grocery retailers and department store operators. Exposure to weak operating trends in the U.K. retail sector, which

...Business Risk: Satisfactory Financial Risk: Significant + Well-known brand and extensive footprint of 1,035 stores in the highly competitive and fragmented domestic U.K. retail market, with leading market shares in its niche segments and a multichannel platform, particularly in non-food. + One of the largest retailers in the U.K., with over ú10.5 billion in annual revenues balanced between high-margin discretionary clothing and home merchandise and a less-cyclical food offering focused on faster-growth convenience and premium-quality segments. + Robust business scale that supports our forecast of stable profitability, with an S&P Global Ratings-adjusted EBITDA margin of 12.5%-14.0% from the fiscal year (FY) ending March 31, 2019, to FY2021, which compares favorably with other grocery retailers and department store operators. + Exposure to weak operating trends in the U.K. retail sector, which we believe to be a result of both cyclical headwinds and a secular change in consumer spending...

Summary