UK: Moody's Cuts M&S Rating
Top credit rating agency Moody's has cut its rating for Marks & Spencer, dealing a fresh blow to shareholders just before tomorrow's trading update that is expected to bring more bad news about clothing sales. Moody's has cut its long-term debt rating to A3 from A2, citing challenges in turning around the clothing business and concerns about higher debt, the Evening Standard reported. Moody's also assigned M&S a negative rating outlook.
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