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Marks & Spencer (M&S) was upgraded to BBB- from BB+ by S&P. The rating action came on the back of a strong 1H 2023 operating performance. It reported revenue growth of 14.7% YoY in its food division, stronger than the market expectations in both volume and value terms, and 5.7% in the C&H division, they noted. On a rolling-12-month basis, M&S achieved revenues of about £12.5bn ($15.7bn). According to S&P, the group executed its strategic initiatives and strengthened cash generation, which helped in reducing the financial debt burden to £1bn ($1.25bn) as of end-September 2023, from £2bn ($2.5bn) at end-September 2019 (pre-pandemic).
M&S bonds were flat with its 7.125% 2037s at 95.5 cents on the dollar, yielding 7.6%