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 an emphasis on quality and innovation. Fashion-oriented, highly competitive, and seasonal nature of the U.K. apparel retail market exposes the group to volatility in operating performance. Credit metrics constrained by relatively substantial debt burden, including off-balance sheet liabilities such as operating lease commitments. Cash flow generation constrained by high capital expenditure. The stable outlook on U.K.-based apparel and food retailer Marks and Spencer PLC (M&S) reflects Standard&Poor's Ratings Services' view that despite difficult trading conditions in its home market, M&S will be able to maintain positive revenue growth in at least the low-single-digit range and
