Leading market position in the U.K. grocery market complemented by No.1 or No.2 market positions in international markets. Some degree of geographic diversification, with about one-third of Tesco's retail sales and profits generated outside of the U.K. Our forecast of stable profitability with S&P Global Ratings-adjusted EBITDA margin of 6%-7% over the medium term, which compares favorably with other grocery retailers. Challenging trading conditions evidenced by topline pressures resulting in Tesco's share of the U.K. grocery market declining in recent years. Increased competitive pressures in the U.K. from discounters and other traditional competitors, which could suppress tangible benefits from management's turnaround plan. Sizable debt after lease and pension adjustments. Strong liquidity underpinned by large liquidity resources and long-term debt maturity
