Industry demand in Whirlpool's key North American and European markets remains weak, albeit declining at somewhat lower rates in North America, and year over year operating performance continues to decline. Credit measures continued to weaken, including our estimate for adjusted debt to EBITDA of about 4.1x for the 12 months ended June 30, 2009, compared with 3.9x for the 12 months ended March 31. 2009. We are affirming Whirlpool Corp.'s 'BBB-' corporate credit rating, and revising its outlook to negative from stable. On July 23, 2009, Standard&Poor's Ratings Services revised its outlook on Benton Harbor, Mich.-based Whirlpool Corp. to negative from stable. At the same time, we affirmed our ratings on the company, including the 'BBB-' corporate credit
