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, all of which support a business profile that we characterize as "strong" (as defined by our criteria). Moreover, we believe the company's September 2011 acquisition of The Timberland Co. will be complementary to VF's existing businesses. We consider VF's financial risk profile to be "intermediate," reflecting our belief the company's financial policies will remain conservative and credit metrics will continue to be in line with indicative ratios for an intermediate financial risk profile. As
