Fitch cuts Maytag to junk

Fitch Ratings said it downgraded the senior unsecured rating on Maytag Corp. to BB+ from BBB- and the short-term debt rating to B from F3.

The outlook is stable.

Fitch said the downgrade reflects Maytag's weaker-than-expected operating performance in 2004, driven by problems in its floor care and commercial product businesses and higher manufacturing costs. In addition, the major appliance segment experienced diminished market share from 2003 due primarily to loss share in refrigeration from lower shipments to original equipment manufacturers.

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