Fitch affirms Marks and Spencer

Fitch Ratings said it affirmed Marks and Spencer Group plc's long-term issuer default rating at BBB- with a stable outlook.

The short-term issuer default rating and senior unsecured ratings were also affirmed at F3 and BBB-, respectively.

“The affirmation and stable outlook are supported by M&S's strong brand name, stable customer base, large scale, reputation for high quality in food as well as stable credit metrics (including leverage),” the agency said in a news release.

“The U.K. retailing environment is, however, experiencing an unprecedented number of challenges, from online competitors to Brexit uncertainties.

“Management has recognised these challenges and is now carrying out a transformation plan, which we believe should maintain M&S's competitiveness and overall profitability.”

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