No. 1 appliance manufacturer globally Portfolio of well-recognized brands at various price points Discretionary products and operation in a cyclical industry that is vulnerable to economic downturns Improving operating margins from meaningful cost reduction programs Geographically diverse, but exposed to foreign currency fluctuations Leverage maintained between 2x and 3x Good free operating cash flow generation Track record of deleveraging following debt-financed acquisitions Our stable rating outlook on Whirlpool Corp. reflects our view that the company will continue to implement its margin expansion program while maintaining solid market positions. We expect the company to maintain debt leverage between 2x and 3x, which we believe the company can maintain if adjusted EBITDA margin remains near 10% or higher and the company does
