The ratings agency cut VFC’s issuer credit rating and all issue-level ratings to BBB from BBB+, citing worse than expected results for the most recent fiscal year ended Mar. 31, which sent leverage up to near 4x. VF cut its dividend by about 40%, saving $300 to $350 million in cash that can be used to pay down debt. On the operational side, S&P expects Vans revenues to decline until FH2, when the ... Log in to view full article.