We expect weak macroeconomic conditions to pressure U.S. major appliance manufacturer Whirlpool's profits, while free cash flow could turn negative during 2011 and 2012. We doubt the company will be able to reach our 2.5x leverage benchmark for an upgrade over the next year. We are revising the rating outlook to stable from positive and affirming all of our ratings on the company, including the 'BBB-' corporate credit rating. The stable outlook reflects our opinion that Whirlpool should be able to maintain a near investment-grade credit profile. CHICAGO (Standard&Poor's) Sept. 7, 2011--Standard&Poor's Ratings Services said today that it revised the outlook on Benton Harbor, Mich.-based Whirlpool Corp. to stable from positive and affirmed all of its
