On April 27, 2004, Standard&Poor's Ratings Services affirmed its ratings on apparel manufacturer VF Corp., including its 'A-' corporate credit and senior unsecured debt ratings, after the company signed a definitive merger agreement to acquire apparel company Vans Inc. (unrated). The outlook is stable. Greensboro, N.C.-based VF had about $991.4 million in debt outstanding at Jan. 3, 2004. VF will acquire Vans for $20.55 per share in cash, for a total consideration, including the cash-out of stock options, of approximately $396 million. The transaction is expected to close in the third quarter of this calendar year and is subject to the approval of Vans' shareholders as well as the customary regulatory approval. VF will fund the transaction initially
