The ratings on Whirlpool Corp. reflect its strong brand recognition, global leadership position in the mature and concentrated major appliance industry, and geographic diversity. Standard&Poor's Ratings Services believes exposure to deteriorating economic conditions in key markets, resulting in weakened credit measures over the near term, will hamper the company. 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. Third-quarter 2008 sales declined by 2.3% on a constant currency basis, primarily due to continued weak North American demand, offset
