The ratings reflect Whirlpool Corp.'s global leadership position in the appliance industry, offset by weakness in financial measures and exposure to economic fluctuations in key international markets. The company continues to maintain the leading market share in several appliance categories across a number of different geographic regions. With slower demand for U.S. and European home appliances, however, the industry is experiencing intense price competition as manufacturers strive to retain market share. In addition, while Whirlpool brands are not currently sold at either Home Depot or Sam's Club, the entrance of these retailers into the home appliance industry could potentially affect competitive dynamics. Reflecting these challenges, revenues for 2000 declined 2% year over year. The company's credit protection measures also weakened
