S&P revises Marks & Spencer view to negative

S&P said it affirmed and removed Marks & Spencer’s BB+ issuer rating from CreditWatch with negative implications and assigned a negative outlook.

“The negative outlook reflects persistent downside risk affecting M&S’ performance over the next 12-18 months arising from the pandemic and U.K. lockdown. After a spike to above 5x in FY2021 we forecast S&P Global Ratings-adjusted debt to EBITDA will decline toward 3.8x-4.3x in FY2022 with FFO to debt approaching 20%. We should see robust FOCF generation on the back of cost management and cash preservation measures,” S&P said in a press release.

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