The ratings on Benton Harbor, Mich.-based Whirlpool Corp. reflect Standard&Poor's Ratings Services' opinion that the company has a "satisfactory" business risk profile and an "intermediate" financial risk profile. Key credit factors in our assessment of Whirlpool's business risk profile include the company's strong market position as the largest major appliance manufacturer in the world, supported by its portfolio of well-recognized brand names, focused research and development (R&D) efforts, and geographic diversity. Other key credit factors include our view of the company's intense competition from several large, well-capitalized international companies, participation in a cyclical industry, and exposure to fluctuating raw material costs. Whirlpool's liquidity supports our financial risk assessment, and should remain strong despite meaningful cash requirements over the
