The ratings on Benton Harbor, Mich.-based Whirlpool Corp. reflect its global leadership position in the mature and concentrated appliance industry, geographic diversity, and a degree of financial discipline demonstrated by the company's partial funding of the March 2006 acquisition of Maytag Corp. with equity and expected merger related synergies. These factors are offset by the significant increase in debt levels and weaker pro forma credit measures following the transaction, as well as Standard&Poor's Ratings Services' concerns surrounding integration and exposure to economic conditions in key markets. Whirlpool continues to maintain the leading market share in several appliance categories across a number of different geographic regions. The acquisition of Maytag strengthened Whirlpool's position in the key U.S. major appliance
