We believe demand for Whirlpool's products is likely to decline materially--at least over the near term--because of the economic fallout of the spread of COVID-19. In addition, global financial conditions have deteriorated substantially. We are revising our outlook to negative from stable and affirming our 'BBB' long-term issuer credit rating on the U.S.-based major home appliance company. The negative outlook reflects the potential for a lower rating over the next few quarters if sales and EBITDA decline significantly, most likely due to an adverse economic impact from COVID-19, resulting in adjusted leverage sustained above 3.0x. The rating action reflects the probability that weak global macroeconomic conditions sparked by the COVID-19 pandemic will make demand for Whirlpool's products decline materially over
