Leading market position in the U.K.'s food retail market. Superior operating performance and track record in the U.K. Growing international diversification. Moderate financial profile owing to ongoing substantial investment both in the U.K. and abroad. Growing exposure to volatile emerging markets. The ratings on Tesco PLC are primarily underpinned by its leading market position and superior operating performance in the stable but competitive U.K. food retail market. The ratings also reflect the group's growing international diversification and moderate financial profile, owing to ongoing substantial capital investments. With sales of about £23.7 billion ($36.6 billion) and lease-adjusted EBITDA of £2.0 billion in financial 2002, Tesco is the leading U.K. food retailer, with a 17.5% market share. The company derived about 85%
