Whirlpool Corp. Outlook Revised to Negative On Expected Drop In Demand Stemming From COVID-19; 'BBB' Rating Affirmed

We believe demand for Whirlpool's products is likely to decline materially--at least over the near term--because of the economic fallout of the spread of COVID-19. In addition, global financial conditions have deteriorated substantially. We are revising our outlook to negative from stable and affirming our 'BBB' long-term issuer credit rating on the U.S.-based major home appliance company. The negative outlook reflects the potential for a lower rating over the next few quarters if sales and EBITDA decline significantly, most likely due to an adverse economic impact from COVID-19, resulting in adjusted leverage sustained above 3.0x. CHICAGO (S&P Global Ratings) March 18, 2020—S&P Global Ratings today took the rating actions listed above. The rating action reflects the probability that weak global

...March 18, 2020 - We believe demand for Whirlpool's products is likely to decline materially--at least over the near term--because of the economic fallout of the spread of COVID-19. In addition, global financial conditions have deteriorated substantially. - We are revising our outlook to negative from stable and affirming our '###' long-term issuer credit rating on the U.S.-based major home appliance company. - The negative outlook reflects the potential for a lower rating over the next few quarters if sales and EBITDA decline significantly, most likely due to an adverse economic impact from COVID-19, resulting in adjusted leverage sustained above 3.0x. CHICAGO (S&P Global Ratings) March 18, 2020--S&P Global Ratings today took the rating actions listed above. The rating action reflects the probability that weak global macroeconomic conditions sparked by the COVID-19 pandemic will make demand for Whirlpool's products decline materially over the near term and cause credit ratios to deteriorate,...

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