The ratings on Benton Harbor, Mich.-based Whirlpool Corp. reflect its strong brand recognition, global leadership position in the mature and concentrated major appliance industry, and geographic diversity. Whirlpool's somewhat weakened credit measures and exposure to deteriorating economic conditions in its key markets offset company strengths. Whirlpool continues to maintain the leading market share in several major appliance categories across a number of different geographic regions. The company strengthened its position in the key U.S. major appliance market by acquiring Maytag, while continuing growth in international sales and offshore manufacturing capabilities provide some geographic diversity. Although Whirlpool has generated meaningful international revenue growth, primarily driven by 20%-plus year–over-year top-line growth rates in Latin America, the North American market, which makes up
