VF Corp. 'A-2' S-T Credit Rating Removed From CreditWatch; 'A-' L-T Rating Remains On Watch Negative Jun 11

Standard & Poors, June 2011

Abstract
U.S.-based VF Corp. announced yesterday 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 removed our 'A-2' short term debt rating from CreditWatch. Our 'A-' corporate credit rating on VF Corp. remains on CreditWatch with negative implications. NEW YORK (Standard & Poor's) June 14, 2011--Standard & Poor's Ratings Services said today it removed its 'A-2' short-term ratings on VF Corp. from CreditWatch with negative implications. Our 'A-' corporate credit and unsecured debt ratings on VF Corp. remain on CreditWatch, where they were placed yesterday with negative implications. The ratings were placed on CreditWatch following VF Corp.'s announcement that it...

Companies mentioned in this report are:
- VF Corp.

Action: CreditWatch Update
Action: Removed From CreditWatch

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

VF Corp.

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