Whirlpool Corp.'s Proposed Senior Unsecured Notes Rated 'BBB'

CHICAGO (S&P Global Ratings) Feb. 22, 2024--S&P Global Ratings today assigned its 'BBB' 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 this issuance to repay at maturity its $300 million notes due March 1, 2024. All of our ratings on Whirlpool, including our 'BBB' 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 the approximately €1.6 billion of subsidiary debt in its capital structure. Almost all of the subsidiary debt was issued by the company's captive finance subsidiaries,

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