The rating on Greensboro, N.C.-based apparel manufacturer VF Corp. reflects the company's strong market share in jeanswear and outdoor and action sports; its portfolio of well-recognized brand names that include The North Face, Vans, Lee, and Wrangler; distribution channel diversity; its solid cash flow; and its experienced management team. Offsetting these factors, to an extent, are VF's participation in the highly competitive and volatile apparel industry, some softness in its credit protection measures, and the integration risks related to its strategy of acquiring brands that expand its lifestyle segment. Although integration risk remains a concern, the company, to date, has a very successful track record. In 2009, the company's outdoor and action sports business (with such brands as The North
