The ratings on 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, and exposure to fluctuating raw material costs. The company could receive some relief in the U.S. if the International Trade Commission's (ITC) final determination, which is expected in March 2012, supports Whirlpool's allegation of import dumping by certain South Korean competitors. The company's intermediate financial risk profile reflects its near investment-grade credit profile and liquidity that we forecast
