Fitch: Whirlpool notes BBB

Fitch Ratings said it assigned a BBB rating to Whirlpool Corp.'s proposed offering of $250 million of 10-year senior unsecured notes.

The agency also said it affirmed Whirlpool's long-term issuer default rating at BBB, short-term issuer default rating at F2, commercial paper at F2, senior unsecured notes at BBB and bank revolving credit facility at BBB.

Maytag Corp.'s long-term issuer default rating also was affirmed at BBB and senior unsecured notes at BBB, along with Whirlpool Finance BV's short-term issuer default rating at F2 and commercial paper at F2.

The issue will be ranked on a pari passu basis with all other senior unsecured debt.

The proceeds will be used to refinance an upcoming debt maturity and for general corporate purposes.

The outlook is stable.

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

Risks include intense global competition, volatility of raw material costs, sensitivity to business cycles and ongoing regulatory and legal issues, 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.