Fitch alters Whirlpool view to stable

Fitch Ratings said it changed the outlook to stable from negative and affirmed Whirlpool Corp.'s ratings, including the company's unsecured debt ratings at BBB. Fitch also affirmed the long-term ratings on Whirlpool Finance Luxembourg Sarl's and Whirlpool EMEA Finance Sarl's unsecured debt at BBB.

The outlook revision reflects the company's strong performance and conservative capital allocation during the coronavirus pandemic, Fitch said.

“When the outlook was revised to negative in April 2020, Fitch forecasted a significant decline in earnings, which led to forecast total debt to operating EBITDA exceeding 2.5x over a multi-year period. Total debt to operating EBITDA was 2.3x at YE 2020 following a 5% decline in revenue and 250 bps in EBITDA margin expansion. Fitch now expects WHR's total debt to operating EBITDA to remain in the low 2x range during the intermediate-term, commensurate with the BBB rating,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.