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 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 market. We expect
