S&P puts Whirlpool on watch

Standard & Poor's said it placed Whirlpool Corp.'s BBB long-term and A-2 short-term corporate credit ratings on CreditWatch with negative implications.

The watch reflects Whirlpool's significant decline in operating income in the third-quarter ended Sept. 30 and its corresponding downward revisions in earnings and cash flow for fiscal 2008, according to the agency.

Deteriorating economic conditions are likely to further exacerbate the already weak demand for Whirlpool's products, the agency said, and could hurt the company's ability to maintain adjusted debt-to-EBITDA ratio at about 2.5x.

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