Credit metrics for VF Corp. have improved following good 2012 operating performance and debt reduction with cash flow from operations. We are affirming our 'A-' corporate credit rating and revising the outlook to stable from negative. The stable outlook reflects our expectation for VF's consistently good operating performance and conservative financial policies to continue to support strong credit metrics. On Feb. 27, 2013, Standard&Poor's Ratings Services affirmed its ratings, including the 'A-' long-term corporate credit rating, on Greensboro, N.C.-based VF Corp., and revised the outlook to stable from negative. The outlook revision reflects VF's improved credit metrics following good operating performance in fiscal 2012 and debt reduction with the company's substantial cash flow generation. We estimate VF's leverage
