Solid market positions and brands in outdoor and action sports and jeanswear. Substantial scale of operations and portfolio of well-diversified brands. Consistently good operating performance. Subject to fashion risk and operates within the highly competitive and fragmented apparel industry. Credit metrics are strong as acquisition related debt has been reduced. Good operating cash flow. Liquidity is adequate. The stable rating outlook reflects Standard&Poor's Ratings Services' view that VF Corp.'s well diversified operating platform and good market positions will continue to support solid operating performance. We also expect the company's strong credit metrics to remain relatively stable, particularly as its significant cash flow generation supports various growth initiatives. We will look for the company to maintain leverage below 2x
