The ratings reflect Whirlpool Corp.'s global leadership position in the mature and concentrated appliance industry, offset by exposure to economic fluctuations in key international markets and the U.S. Benton Harbor, Mich.-based Whirlpool continues to maintain the leading market share in several appliance categories across a number of different geographic regions. The company's international sales and manufacturing capabilities provide geographic diversity. Still, uncertain economic conditions worldwide have weakened demand and continued to pressure pricing. Moreover, the changing dynamics of the U.S. appliance retail environment, including the growing importance of home improvement centers such as Home Depot Inc. and Lowe's Cos. Inc., remain a concern because competition and pricing pressures are likely to intensify. As a result, the company's ongoing need for
