S&P rates Whirlpool notes BBB

Standard & Poor’s said it assigned a BBB senior unsecured debt rating to Whirlpool Corp.’s €500 million senior unsecured notes due 2020.

The company will issue the notes off of its Rule 415 universal shelf registration for debt securities.

The proceeds will be used for the repayment of its commercial-paper borrowings, S&P said.

The corporate credit rating on Whirlpool is BBB with a stable outlook.

The ratings reflect the company’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, S&P said.

The ratings also consider the company’s intense competition from several large, well-capitalized international companies, participation in a cyclical industry and exposure to fluctuating raw material costs, the agency said.

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