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 is subject to fashion risk; Vulnerability to global economic downturns and consumer spending patterns; and Weakened credit metrics immediately upon completion of the Timberland acquisition and some integration risk. Our ratings on Greensboro, N.C.-based VF Corp. reflect the company's strong business profile given its good market positions in outdoor and action sports and jeanswear, portfolio of well-recognized brand names, consistently good operating performance, and diversification by distribution channel. Moreover, Standard&Poor's Ratings Services believes the pending acquisition of The Timberland Co. (not rated) will be
