Wednesday, January 21, 2009

S&P cuts Whirlpool to one notch above 'junk'

NEW YORK, Jan 20 (Reuters) - Standard & Poor's on Tuesday cut ratings on Whirlpool Corp (WHR.N) to one notch above speculative, or "junk" status and said it expects demand for home appliances to fall sharply in 2009.

The agency cut the company's corporate credit rating by one notch to "BBB-minus" and said the outlook is stable.

Whirlpool had about $3 billion of debt at end September.

The action "reflects Whirlpool's weakened operating performance and weaker-than-expected credit measures," S&P said in a statement.