VF Corp. announced its intention to separate the company into two independent, publicly traded companies through a tax-free spin-off of its jeanswear segment to VF's shareholders. The spin-off will allow VF Corp. to focus on the remaining faster-growing, higher-margin businesses. We believe the company will maintain its historically conservative financial policy. We are affirming all ratings, including our 'A' issuer credit rating on VF Corp. The outlook is stable, reflecting our expectation that the company will continue to demonstrate solid operating performance and strong free cash flow generation that will allow it to pursue new acquisitions and reduce leverage toward the mid-1.0x area. On Aug. 13, 2018, S&P Global Ratings affirmed its 'A' issuer credit rating on Greensboro, N.C.-based VF
