Participation in the intensely competitive, fashion-sensitive, and highly promotional specialty apparel retail industry; Portfolio of diverse and well-recognized brands, including Old Navy (about 45% of sales), which continue to gain market share and offsets weaker-performing brands Gap (about 30% of sales) and Banana Republic (about 14% of sales); and Solid market position as one of the largest specialty apparel retailers globally, with a leading share in the U.S. Consistent and good cash flow generation; Exceptional liquidity; and Moderate financial policy that supports consistent credit metrics, including funds from operations (FFO)-to-debt above 40%. The stable outlook reflects our expectation that the company's consolidated operating performance will remain consistent with recent results over the next 12 months based on good performances from
