...February 14, 2023 CHICAGO (S&P Global Ratings) Feb. 14, 2023--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 to repay its $250 million notes due on March 1, 2023, at maturity. All our ratings on Whirlpool, including our '###' issuer credit rating, are unchanged. The outlook is negative. We believe there is minimal subordination risk for these proposed notes and the existing unsecured debt issued by group parent Whirlpool, despite approximately 1.6 billion of subsidiary debt in the 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 $7.6 billion of total debt outstanding as of Dec. 31, 2022. Whirlpool reported fourth quarter 2022...
