The ratings on Benton Harbor, Mich.-based Whirlpool Corp. were placed on CreditWatch with negative implications on July 18, 2005. The action followed Whirlpool's announcement that it had made a proposal to acquire Maytag Corp. for $17 per share, plus the assumption of debt, for a transaction value of $2.3 billion. Since then, Whirlpool increased its offer to acquire Maytag to $21 per share, plus the assumption of debt, and Maytag's board of directors approved a merger agreement with Whirlpool. The transaction, subject to customary closing conditions, including regulatory and shareholder approvals, is expected to close as early as the first quarter of 2006. Whirlpool will finance the proposed transaction with a combination of debt and equity. For each share held,
