U.S. based- Whirlpool Corp. continues to face high imported inventory from its rivals in its North American major domestic appliance market, substantial tariffs, and a subdued housing market. We now expect free operating cash flow (FOCF) and proceeds from the Whirlpool India sale will be materially lower than our prior projections, which will further delay the company?s deleveraging trajectory. We forecast adjusted leverage will remain elevated at about 5.4x at the end of fiscal 2025 and about 4.9x at the end of fiscal 2026. We lowered our long-term issuer credit rating on Whirlpool to 'BB' from 'BB+'. Our 'B' short-term issuer credit and commercial paper ratings on Whirlpool are unchanged. The negative outlook reflects the potential for a downgrade within
