The ratings agency downgraded VF’s BBB issuer credit rating to BBB- and its short-term and commercial paper ratings to A-3 from A-2, while maintaining a negative outlook after the company’s FQ3 earnings came in below expectations. S&P expects VF’s leverage will peak near 5x in fiscal 2024 as the company incurs expenses to reach the $300 million cost-savings target and revenue continues to decline. It sees sales weakness continuing for the four major brands, The North Face, Vans, Timberland, and Dickies, and believes VF ... Log in to view full article.