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Fitch assigns Whirlpool notes BBB
Fitch Ratings said it assigned a BBB rating to Whirlpool Corp.'s proposed offering of senior unsecured notes.
The company intends to use the proceeds to repay outstanding amounts under its revolving credit facility.
“The transaction will be leverage neutral, but the additional long-term debt will lead to slightly higher debt levels at YE20 and YE21 than Fitch previously expected. However, the rating incorporates Fitch's expectation that total long-term debt levels will return to about $4.4 billion by YE22, bringing total debt to below 2.5x by year-end, in line with our previous assumptions,” the agency said in a press release.
Fitch currently rates Whirlpool and its unsecured notes BBB with a negative outlook.
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