Fitch: Whirlpool notes BBB

Fitch Ratings said it assigned a BBB rating to Whirlpool Corp.’s proposed offering of $500 million aggregate amount of senior unsecured notes due 2046.

The new offering will be equal in right of payment with all other senior unsecured debt, Fitch said.

The proceeds will be used to repay $250 million aggregate principal amount of its 6.5% senior notes due in June 2016 and $244 million aggregate principal amount of its 7.75% debentures coming due in July 2016, the agency said, and for general corporate purposes.

The company has a long-term issuer default rating of BBB, short-term issuer default rating of F2, commercial-paper rating of F2 and senior unsecured notes rating of BBB.

The ratings reflect the company’s position as the world’s largest appliance manufacturer with leading market positions in many regions, Fitch said.

Risks include the company’s somewhat aggressive growth strategy, intense global competition, volatility of raw material costs, sensitivity to business cycles and ongoing regulatory issues, the agency said.

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