Leading global major appliance manufacturer; Growing geographic diversity; and New-product development efforts allow for premium pricing. Subject to discretionary consumer demand; Key markets reflect mature industry characteristics and continue to be hampered by economic recession; Margins and market share may become pressured by consumer trade-down to value offerings; Nondomestic, higher growth markets invite higher earnings volatility and currency risk. The ratings on Whirlpool continue to reflect its strong brand recognition, global leadership position in the mature and concentrated major appliance industry, and geographic diversity. We believe exposure to deteriorating economic conditions in key markets will continue in the near term. This will hamper the company's ability to meaningfully improve credit measures, even though we believe that Whirlpool continues to maintain
