S&P applies BBB to Whirlpool notes

S&P said it assigned its BBB debt rating to Whirlpool Corp.'s euro-denominated senior unsecured notes due 2026.

The notes will be issued by Whirlpool Finance Luxembourg Sarl, a wholly owned European finance subsidiary of Whirlpool. This entity holds no material assets and does not engage in any business activities or operations other than intercompany financings.

Whirlpool Corp. will guarantee the notes.

Whirlpool intends to use the net proceeds for general corporate purposes, including the repayment of a portion of its commercial paper borrowings.

As of Sept. 30, the company had roughly $5.6 billion of adjusted debt outstanding.

S&P said the ratings reflect Whirlpool’s strong market position as the largest major appliance manufacturer in the world, supported by its portfolio of well-recognized brand names, breadth of product offerings and geographic diversity.

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