S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings). We lowered our base-case forecasts for U.S.-based appliance manufacturer Whirlpool Corp. following the release of first-quarter 2025 earnings and now anticipate margins and credit measures will remain weaker than our expectations for an investment-grade rating. We now expect leverage to remain over 4x
