Solid market positions and brands in outdoor and action sports and jeanswear Product portfolio and distribution channel diversification Strong credit metrics and operating cash flow Participation in the highly competitive apparel industry Fashion risk Vulnerability to global economic downturns and foreign currency risk The rating on Greensboro, N.C.-based VF Corp. reflects the company's strong business profile given the company's good market positions in outdoor and action sports and jeanswear, portfolio of well-recognized brand names, and diversification by distribution channel. Standard&Poor's Ratings Services believes that the company's financial risk profile is modest given recent strengthening of its credit metrics and solid cash flow. However, the company participates in the highly competitive apparel industry, which is subject to fashion risk
