U.S.-Based Apparel Company VF Corp.'s Proposed Senior Unsecured Notes Rated 'A' - S&P Global Ratings’ Credit Research

U.S.-Based Apparel Company VF Corp.'s Proposed Senior Unsecured Notes Rated 'A'

U.S.-Based Apparel Company VF Corp.'s Proposed Senior Unsecured Notes Rated 'A' - S&P Global Ratings’ Credit Research
U.S.-Based Apparel Company VF Corp.'s Proposed Senior Unsecured Notes Rated 'A'
Published Apr 21, 2020
3 pages (1331 words) — Published Apr 21, 2020
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) April 21, 2020--S&P Global Ratings today assigned its 'A' issue-level rating to VF Corp.'s proposed senior unsecured notes, which the company will issue in four tranches. The notes will rank equally with the company's existing and future unsecured and senior debt. VF Corp. plans to use the net proceeds from this offering to repay the borrowings under its revolving credit facility, and the remaining balance for general corporate purposes. We view the transaction as leverage neutral because we net the company's cash against its debt. VF Corp.'s leverage was slightly below 2x as of December 2019. All of our ratings on VF Corp., including our 'A' long-term issuer credit rating, are unchanged. The negative outlook

  
Brief Excerpt:

...- Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 - General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 - Criteria | Corporates | Industrials: Key Credit Factors For The Branded Nondurables Industry, May 7, 2015 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 - General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 - Criteria | Corporates | General: Corporate Methodology, Nov. 19, 2013 - Criteria | Corporates | Industrials: Key Credit Factors For The Retail And Restaurants Industry, Nov. 19, 2013...

  
Report Type:

Ratings Action

Ticker
VFC
Issuer
VF Corp.
GICS
Apparel , Accessories & Luxury Goods (25203010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "U.S.-Based Apparel Company VF Corp.'s Proposed Senior Unsecured Notes Rated 'A'" Apr 21, 2020. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/U-S-Based-Apparel-Company-VF-Corp-s-Proposed-Senior-Unsecured-Notes-Rated-A-2415977>
  
APA:
S&P Global Ratings’ Credit Research. (). U.S.-Based Apparel Company VF Corp.'s Proposed Senior Unsecured Notes Rated 'A' Apr 21, 2020. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/U-S-Based-Apparel-Company-VF-Corp-s-Proposed-Senior-Unsecured-Notes-Rated-A-2415977>
  
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