Our ratings on Greensboro, N.C.-based VF Corp. reflect the company's strong business profile given its good market positions in outdoor and action sports and jeanswear, portfolio of well-recognized brand names, consistently good operating performance, and diversification by distribution channel. Moreover, Standard&Poor's Ratings Services believes the pending acquisition of The Timberland Co. (not rated) will be complementary to VF's existing businesses. However, the company's credit metrics will weaken modestly following consummation of the substantially debt-financed transaction, and there will be some integration risk, particularly given the large size of the acquisition. We believe VF's financial profile will be intermediate upon completion of the Timberland transaction. Already one of the largest U.S. apparel companies, VF's market position and scale will
