The ratings on Greensboro, N.C.-based VF Corp. reflects Standard&Poor's Rating Services' view that the company will continue to have good market positions in outdoor and action sports and jeanswear, a portfolio of well-recognized brand names, consistently good operating performance, and diversification by distribution channel to support a business profile that we characterize to be "strong." Moreover, we believe the company's September 2011 acquisition of The Timberland Co. will be complementary to VF's existing businesses. However, the company's credit metrics have weakened modestly following the substantially debt-financed transaction, and there will be some continuing integration risk, particularly given the large size of the acquisition. We consider VF's financial risk profile to be "intermediate," as our criteria define the term,
