The ratings agency cut VFC’s issuer credit rating by two notches to BB from BBB-, citing weak performance and elevated leverage, taking the company into junk territory. Proceeds from the sale of Supreme have been used for debt reduction and removed the risk of upcoming debt maturities, but no other brands are expected to be divested, limiting the possibility for more permanent debt reduction in the near term. S&P expects leverage to remain above 5x for at least the next 12 months as VF’s turnaround progresses slowly. At its ... Log in to view full article.