CHICAGO (S&P Global Ratings) May 4, 2020--S&P Global Ratings today assigned its 'BBB' issue-level rating to Benton Harbor, Mich.-based Whirlpool Corp.'s proposed senior unsecured notes (final amount and maturity to be determined). The company intends to use the net proceeds from this offering to improve its liquidity by repaying a portion of the outstanding borrowings under its $3.5 billion revolving credit facility due 2024. As of March 31, 2020, Whirlpool had about $2.2 billion of outstanding borrowings under the facility. We believe there is minimal subordination risk for these proposed notes and the existing unsecured debt issued by group parent Whirlpool Corp., despite the $2.6 billion of subsidiary debt in the company's capital structure, because almost all of the subsidiary
