Leading global major appliance manufacturer; Geographic diversity; New product development efforts; and Moderate financial policies. Operates in a mature industry; Intense competition; Vulnerable to global economic and currency risk; and Integration risk. The ratings on Benton Harbor, Mich.-based Whirlpool Corp. reflect its global leadership position in the mature and concentrated appliance industry, geographic diversity, and a degree of financial discipline demonstrated by the company's partial funding of the March 2006 acquisition of Maytag Corp. with equity and expected merger related synergies. These factors are offset by the significant increase in debt levels and weaker pro forma credit measures following the transaction, as well as Standard&Poor's Ratings Services' concerns surrounding integration and exposure to economic conditions in key markets.
