The ratings on apparel manufacturer VF Corp. reflect the company's strong market share in jeanswear, its leading brand names in intimate apparel and active wear, its solid cash flow, and its experienced management team. These factors are offset by VF's participation in the highly competitive and volatile apparel industry and the integration risks of its acquisition strategy. As a leader in the industry, VF has an active acquisition program, often procuring brands that are in need of a turnaround in the marketplace. In its rating, Standard&Poor's anticipates that acquisitions will continue to be a part of the company's growth strategy and that integration risk will remain a concern. Jeanswear is the company's largest business group; its portfolio of
