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. 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, offset these factors. 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 brand portfolio holds a 20%-plus market share in the U.S., with products marketed under the Lee, Wrangler, Rustler, Riders, and Seven For All
