The ratings on Benton Harbor, Mich.-based Whirlpool Corp. reflect Standard&Poor's Ratings Services' satisfactory assessment of the company's business risk profile as the largest major appliance manufacturer in the world, supported by its portfolio of well-recognized brand names, focused research&development (R&D) efforts, and geographic diversity. Key risk factors include intense competition from several large, well-capitalized international companies, participation in a cyclical industry, exposure to fluctuating raw material costs, and unresolved regulatory/legal risk. The company's intermediate financial risk profile is supported by substantial excess cash balances and significant cash flow improvements achieved in response to the economic downturn, which, in our view, partially offset credit ratios that are currently below 'BBB' rating category medians. We currently expect the
