The ratings service reiterated its negative outlook for the Vans and North Face parent while downgrading VF’s senior unsecured notes ratings from Baa3 to Baa2 and other issue-level ratings also by one notch. While Moody’s commended VF’s Project Reinvent bid, which includes $300 million in cost cuts and a reassessment of the brand portfolio, it noted the long lead time to translate Reinvent actions and product redesigns into P&L impact. It also noted the exposure of VF leaning on The North Face for bottom line performance, ... Log in to view full article.