We expect the economic fallout from the spread of the coronavirus will result in a decline in consumer spending this year, as restrictive mandates to contain the outbreak, store closures, and deflating confidence upend consumer behavior at least until the third quarter. We believe VF Corp.'s operating results will be significantly weaker than we expected. We are affirming all our ratings, including 'A' issuer credit rating on the company. The negative outlook reflects the risk that extended economic stress on operating performance could result in a downgrade due to prolonged credit measure deterioration. S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. Some government authorities estimate the pandemic will
