Moody's rates Whirlpool notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Whirlpool Corp.'s $850 million senior unsecured notes.

The outlook is negative.

Proceeds will be used to repay amounts outstanding under its revolving credit facility.

Whirlpool's Baa3 rating reflects its significant scale with expected revenue of around $17 billion, significant geographic diversification and a very strong brand name, the agency said.

The Baa3 rating is constrained by the continuing severe decline in consumer spending, which has resulted in softening credit metrics and a decrease in revenue, operating income and free cash flow, Moody's said.

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