Moody's drops Whirlpool, lifts Maytag

Moody's Investors Service said it downgraded the long-term senior unsecured debt rating of Whirlpool Corp. and its subsidiaries to Baa2 from Baa1 and preferred stock rating to Ba1 from Baa3.

Whirlpool's commercial paper rating of P-2 was confirmed, the agency said. The outlook is negative.

Concurrently, Moody's said it upgraded Maytag Corp.'s senior debt to Ba2 from B2 and its corporate family rating to Ba2 from B1, ending the rating review from September 2005.

The agency said that the new bond ratings reflect the indirect benefit of the acquisition to bondholders, along with the lack of formal support from Whirlpool.

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