The rating on Greensboro, N.C.-based apparel manufacturer VF Corp. reflects the company's strong market share in jeanswear; its portfolio of well-recognized 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 of procuring brands that expand its lifestyle segment. Although integration risk remains a rating concern, the company, to date, has a very successful track record. Jeanswear is the company's largest business focus; its portfolio of brands holds a 20%-plus market share in the U.S., with products marketed under the Lee, Wrangler, Rustler, Riders, and
