The rating on Greensboro, N.C.-based apparel manufacturer VF Corp. reflects the company's strong market share in jeanswear; its portfolio of leading brand names that include The North Face, Nautica, Lee, and Wrangler; 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 related to its vigorous acquisition strategy. As a leader in the industry, VF has an active acquisition program, often procuring brands that further its long-term strategy of expanding its lifestyle brands. In its rating, Standard&Poor's Ratings Services expects that acquisitions will continue to be a part of the company's growth strategy and that integration risk will remain a
