...April 26, 2021 CHICAGO (S&P Global Ratings) April 26, 2021--S&P Global Ratings today assigned its '###' issue-level rating to Benton Harbor, Mich.-based Whirlpool Corp.'s proposed senior unsecured sustainability bonds (final amount and maturity to be determined). The company intends to use the net proceeds to repay in full at maturity $300 million aggregate principal amount of its outstanding 4.85% senior notes due in 2021. We believe there is minimal subordination risk for these proposed notes and the existing unsecured debt issued by group parent Whirlpool Corp., despite the $1.9 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. Group parent Whirlpool is a holding company that also conducts operations and owns operating assets. Whirlpool had about $5.3 billion of total debt outstanding as of March 31, 2021. All our ratings on Whirlpool, including our '###' issuer credit...
