The ratings on the U.K.-based retailer Marks&Spencer PLC (M&S) and related entities reflect its leading position in the U.K.'s intensely competitive apparel retail market, its very strong brand recognition, well-established, upmarket niche position in the U.K. food retail market, and a very conservative financial profile. The ratings also reflect the volatility prevalent in the U.K. apparel retail market. M&S, with sales of about £8.1 billion ($13.1 billion) and lease-adjusted EBITDA of £1.03 billion for the year ended 2002, is the U.K.'s leading department store operator, with a market share of 11.2% in the apparel retail market via a extensive network of 322 stores, situated predominantly in prime city-center locations. The group also maintains a strong, upmarket niche position
