Fitch: Whirlpool notes BBB

Fitch Ratings said it assigned a BBB rating to Whirlpool Corp.’s proposed offering of €500 million aggregate amount of senior unsecured notes.

The new offering will be equal in right of payment with all other senior unsecured debt.

Whirlpool has a long-term issuer default ratings of BBB, short-term issuer default rating of F2, commercial-paper rating of F2, senior unsecured notes rating of BBB and bank revolving credit facility rating of BBB.

Maytag Corp. has a long-term issuer default rating of BBB and senior unsecured notes rating of BBB.

Whirlpool Finance BV has a short-term issuer default rating of F2 and commercial-paper rating of F2.

Whirlpool Europe BV has a commercial-paper rating of F2.

The proceeds will be used for the repayment of a portion of its commercial-paper borrowings.

The ratings reflect the company’s position as the world’s largest appliance manufacturer with leading market positions in many regions, Fitch said.

The company’s global operating platform, increased manufacturing efficiency and well-recognized skills in innovation have enabled it to improve its cost structure, compete more effectively around the world and adjust to volatile material costs, the agency said.

Risks include intense global competition, volatility of raw material costs, sensitivity to business cycles and ongoing regulatory issues, Fitch said.

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