...- U.S.-based appliance manufacturer Whirlpool Corp. continues to underperform our expectations, and we see no clear catalyst for a material near-term profitability rebound for the North American major domestic appliance industry. Moreover, Whirlpool's S&P Global Ratings-adjusted EBITDA in the first quarter fell about 33% compared to the first quarter of 2023 due primarily to an unfavorable price/mix and lower production volumes. - We forecast S&P Global Ratings-adjusted leverage of 4.3x and S&P Global Ratings-adjusted EBITDA falling 7% in fiscal 2024, though margin should improve 70 basis points (bps) mainly due to the divestitures of the margin-dilutive European major domestic appliance and Middle East and North Africa (MENA) businesses. - We lowered all of our ratings on Whirlpool, including our long-term issuer credit rating to '###-' from '###' and short-term rating to 'A-3' from 'A-2'. - The stable outlook reflects our expectation that by the end of 2025, Whirlpool will reduce S&P...
