Moody’s assigns A3 rating to VF notes

Moody’s Investors Service said it assigned an A3 rating to VF Corp.’s proposed senior unsecured note offering. All other ratings for the company were affirmed, including the A3 senior unsecured rating. The outlook was changed to negative from stable.

Proceeds will be used to repay borrowings under its revolving credit facility, with any remaining net proceeds to be used for general corporate purposes.

“The outlook change to negative reflects the material increase in term debt and leverage at a time when there is significant uncertainty around the duration and severity of the coronavirus spread on VF’s operating performance and credit metrics, and it may take at least a couple of years to improve leverage closer to current levels.

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