S&P: Whirlpool outlook negative

Standard & Poor's said it revised the outlook on Whirlpool Corp. to negative from stable and affirmed its BBB- corporate credit rating.

"The outlook revision reflects our concerns about expected ongoing weakness in demand in the company's key North American and European markets," S&P analyst Chris Johnson said in a statement.

"We believe this will continue to result in credit measures weaker than our previously established benchmarks for a stable outlook, including maintaining adjusted debt to EBITDA below 4x. We also believe that Whirlpool's operating performance and credit measures will not materially improve until 2010."

Ratings on Whirlpool reflect its strong brand recognition, global leadership position in the mature and concentrated major appliance industry, and geographic diversity, the agency said.

© 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.