S&P rates VF notes A

S&P said it assigned its A rating to VF Corp.’s proposed senior unsecured notes, which the company will issue in four tranches. The notes will rank equally with the company’s unsecured and senior debt.

VF plans to use the proceeds to repay the borrowings under its revolving credit facility, and the remaining balance for general corporate purposes.

“We view the transaction as leverage neutral because we net the company’s cash against its debt. VF Corp.’s leverage was slightly below 2x as of December 2019,” said S&P in a press release.

“All of our ratings on VF Corp., including our A long-term issuer credit rating, are unchanged,” the agency said.

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