...May 2, 2022 CHICAGO (S&P Global Ratings) May 2, 2022--S&P Global Ratings today assigned its '###' issue-level rating to Benton Harbor, Mich.-based Whirlpool Corp.'s proposed senior unsecured notes (final amount and maturity to be determined). The company intends to use the net proceeds from the proposed issuance, together with cash on hand, to repay, at maturity, its $300 million 4.7% notes due June 1, 2022. We believe there is minimal subordination risk for these proposed notes and the existing unsecured debt issued by group parent Whirlpool Corp., despite approximately 1.6 billion of subsidiary debt in the company's capital structure. Almost all the subsidiary debt was issued by captive finance subsidiaries with no material operating assets and guaranteed by Whirlpool, which also conducts operations and owns operating assets. Whirlpool had about $5.2 billion of total debt outstanding as of March 31, 2022. All our ratings on Whirlpool, including our '###' issuer credit rating, are unchanged....
