Moody's affirms Whirlpool

Moody's Investors Service said it affirmed Whirlpool Corp.'s ratings following the amendment to its revolving credit facility.

The outlook remains negative.

On Aug. 13, Whirlpool announced that it had amended its $2.2 billion revolving credit facility by dividing and reducing the existing amount into a $1.35 billion tranche maturing on Aug. 13, 2012 and a $522 million tranche maturing Dec. 1, 2010, the agency said.

Pricing will also change for the $1.35 billion tranche and covenants are relaxed for both tranches through December 2010, the agency added.

"Despite the reduced size of the revolving credit facility, Moody's believes that the amendment enhances Whirlpool's liquidity profile as its extends the maturity date of over $1.3 billion by almost two years and relaxes covenant levels" said Kevin Cassidy, senior credit officer at Moody's.

The affirmation of Whirlpool's ratings reflects its significant scale with expected revenue of around $17 billion, significant geographic diversification and a very strong portfolio of brand names, the agency noted.

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