Marks & Spencer’s (London) credit rating been downgraded by the bond credit rating company Moody’s (New York) from “stable” to “negative,” after a tumultuous year for the brand, according to Retail Gazette.
The downgrade also came after the department store’s recent trading report which included a 2.7-per-cent decline in Clothing & Home’s “like-for-like” sales during the past 13 weeks.
David Beadle, Senior Credit Officer and lead analyst for Marks & Spencer’s was reported by the Retail Gazette as stating: “The negative outlook reflects the risk that the company’s profitability may continue to decline, notwithstanding the strategic efforts to reposition the business for sustainable growth.”