The rating on Greensboro, N.C.-based VF Corp. reflects the company's strong business profile given the company's good market positions in outdoor and action sports and jeanswear, portfolio of well-recognized brand names, and diversification by distribution channel. Standard&Poor's Ratings Services believes that the company's financial risk profile is modest given the strength of its credit metrics, solid cash flow and exceptional liquidity. However, the company participates in the highly competitive apparel industry, which is subject to fashion risk and changes in discretionary consumer spending. VF is one of the largest U.S. apparel companies ($7.7 billion in revenues for fiscal 2010) and has a portfolio of well-recognized brand names. Growth of the company's outdoor and action sports segment, with brands
