VF Corp., the owner of Vans and other brands, was cut to junk by S&P Global Ratings Wednesday as revenues for its top four brands continued falling in the second quarter.

S&P lowered Denver-based VF’s issuer credit rating two notches to BB from BBB-, its “less favorable view of VF’s competitive position,” according to a statement. The company posted weak second-quarter sales last month for Vans, The North Face, Dickies and Timberland. 

S&P’s rating could be cut further if its core brands fail to return to growth — a result of changing tastes, weak consumer demand, or supply chain disruption. VF’s ability to drive a turnaround at Vans, its largest brand, and reaccelerate momentum at The North Face are key to growth, BI analysts Poonam Goyal and Sydney Goodman wrote in a note.

A spokesperson for VF Corp. did not immediately respond to a request for comment.

Moody’s Ratings downgraded the apparel brand company’s rating to junk in September.