The ratings on U.K.-based retailer Tesco PLC (Tesco) reflect Standard&Poor's Ratings Services' view of the group's "excellent" business risk profile as the world's third- largest food retailer, and its "significant" financial risk profile. Tesco's business risk profile is underpinned by its leading market share in the U.K., which is comprehensively larger than that of its nearest competitors. The company also benefits from good geographic diversification, notably with significant exposure to Southeast Asia and Central Europe. Tempering these strengths and putting Tesco's business risk profile under pressure are intensifying competition in both Tesco's home market and its global operations, against a back drop of weak consumer spending and profitability pressures. Our view of Tesco's financial risk profile takes into
