...CHICAGO (S&P Global Ratings) April 26, 2022--Whirlpool Corp. (###/Stable/A-2) announced a strategic review of its Europe, Middle East, and Africa (EMEA) business in conjunction with first- quarter results, which were weighed down by rising input costs. Whirlpool also revised down its earnings-per-share guidance for the year. The company expects to complete the strategic review by third-quarter 2022. In our opinion, it could include a disposal of the segment or contribution of the business into a partnership. Our rating is unchanged by the review because this region has underperformed for years with negligible operating profit. The North American business generates nearly all profitability, with Latin America a modest contributor. Whirlpool's profitability remains well above pre-pandemic levels because of strong demand for its products. We estimate adjusted leverage as of March 31, 2022, was below 2x. Notwithstanding the highly inflationary environment--most recently demonstrated by Whirlpool's...
