U.S.-based VF Corp. announced today its agreement to acquire Timberland in a roughly $2 billion transaction. We expect this large transaction to be substantially financed with debt, which will likely modestly weaken credit metrics. We placed our 'A-' corporate credit on VF Corp. on CreditWatch with negative implications. NEW YORK (Standard&Poor's) June 13, 2011--Standard&Poor's Ratings Services said today it placed its 'A-' corporate credit on VF Corp. on CreditWatch with negative implications. The CreditWatch placement follows the company's announcement today that it had entered into a definitive agreement to acquire The Timberland Company (not rated) for $43 per share or approximately $2.0 billion net of cash acquired. Stratham, N.H.-based Timberland is a branded footwear and apparel
