Participation in the intensely competitive, fashion-sensitive and highly promotional specialty apparel retail industry; Portfolio of diverse and well-recognized brands, some of which are struggling to regain momentum leading to some margin decline in recent years; and Leading market position as the largest specialty apparel retailer in the U.S. and one of the largest globally. Consistent and good cash flow generation; and Moderate financial policy that supports consistent credit metrics, including FFO to debt around 40%. S&P Global Ratings' stable outlook on The Gap Inc. reflects our expectation that the company's operating performance will remain generally stable in the next 12 months, as good performances from its largest brand Old Navy and growing brand Athleta offset continued weakness at the Gap
