"We believe Whirlpool's improved cost structure, improving demand trends in North America and increasing signs of stability in the US housing market will enable the company to continue improving its profitability and credit metrics," said Kevin Cassidy, Senior Credit Officer at Moody's Investors Service. "We still have a positive view of Whirlpool despite the soft demand trends in Europe and our recognition that the recent demand improvement in Latin America is likely temporary because of the Brazil tax holiday," noted Cassidy. Moody's also understands that the $200 million remaining in BEFIEX Brazilian tax credits will likely be depleted in 2013 or 2014. "Despite these headwinds, we think Whirlpool's lower cost structure and our expectation of demand improvement in the US will enable Whirlpool to keep leverage below 3 times and approaching 2.5 times," Cassidy said.

The following ratings were affirmed:

Senior Unsecured -- Baa3;

Senior Unsecured (Shelf) -- (P) Baa3;

Subordinated (Shelf) -- (P) Ba1;

Commercial Paper -- Prime-3

RATING RATIONALE

Whirlpool's Baa3 rating reflects its significant scale with revenue over $18 billion, considerable geographic diversification throughout the world, a very strong brand name and strong liquidity profile. The rating also reflects good credit metrics with retained cash flow to net debt around 25% (excluding one-time charges) and debt to EBITDA under 3.0 times. Credit metrics will likely improve modestly over the next 12-18 months based on Moody's expectation of improving demand trends in North America and Whirlpool's lower cost structure driven by previous restructuring actions. Moody's expects demand improvement in North America largely because of the increasing signs of stability in the US housing market and gradual economic expansion. The ratings are constrained by the uncertainties created by fiscal and macroeconomic issues in the US and the affect that they would have on consumer demand, and Whirlpool's profitability and cash flow.

The positive outlook reflects Moody's belief that the combination of expected improvement in demand for North America appliances and Whirlpool's improved cost structure should result in further progress in returning profitability and credit metrics close to pre-recession levels over the next 12-18 months.

If Whirlpool can improve its profitability and credit metrics to pre-recession levels in the face of various economic uncertainties its rating could be upgraded. Specifically, an upgrade would require debt to EBITDA approaching 2.5 times (currently 2.8 times), EBITA margins remaining around 6.5% (presently 6.4%), and retained cash flow to net debt sustained above 30%. Stability in overall demand trends is also necessary for an upgrade to be considered.

While unlikely at this time, ratings could be downgraded if North America appliance demand significantly decreases or operating performance otherwise weakens. Key credit metrics that could drive a downgrade would be debt to EBITDA sustained above 4 times, EBITA margins approaching 3%, or retained cash flow to net debt sustained below 20%. Although improbable, additional factors that could result in a downgrade include: an inability to cut costs further to offset uncertain demand; a change in consumer-spending patterns whereby replacement purchases no longer account for about half of sales; or an inability to access credit markets at reasonable rates to refinance upcoming debt maturities.

Subscribers can find further details in the Whirlpool Credit Opinion published on Moodys.com.

The principal methodology used in this rating was the Global Consumer Durables methodology published in October 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Based in Benton Harbor, MI, Whirlpool Corporation manufactures and markets a full line of major appliances and related products including laundry appliances, refrigerators and freezers, cooking appliances and other appliance products. The company markets products under several brands including Whirlpool, Maytag, KitchenAid and several others. The company reported net sales of approximately $18.4 billion for the twelve months ended September 30, 2012.

REGULATORY DISCLOSURES

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Kevin Cassidy VP - Senior Credit Officer Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Peter H. Abdill, CFA MD - Corporate Finance Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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