Solid market positions and brands in outdoor and action sports and jeanswear; Product portfolio and distribution channel diversification; and Good operating performance and cash flow generation. Participation in the highly competitive apparel industry and exposure to fashion risk; Vulnerability to global economic downturns and consumer spending patterns; and Weakened credit metrics following the Timberland acquisition and some integration risk. 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 "strong" business profile. We consider VF's financial risk profile to be "intermediate",
