Fitch affirms ratings on appliance maker Whirlpool
Fitch Ratings affirms Whirlpool's long-term issuer default rating at "BBB-"
NEW YORK (AP) -- Fitch Ratings said Friday it affirmed ratings on home appliance company Whirlpool Corp. and its Maytag Corp. unit.
Fitch affirmed Whirlpool and Maytag's long-term issuer default rating at "BBB-", the lowest investment-grade rating, and short-term issuer default rating at "F3." Whirlpool's rating outlook remains negative.
Fitch said Whirlpool is cutting back on capacity and structural costs to meet lower demand, which should help cut costs overall.
The company is also lowering capital spending and managing inventories, which should boost cash flow and maintain liquidity, Fitch said.
Fitch said the company's 2008 performance was weak, as annual sales declined 3 percent and slipped 19 percent in the fourth quarter.
On Tuesday, Whirlpool reaffirmed its full-year earnings outlook, expecting earnings from continuing operations of $3 to $4 per share for 2009.
Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, predict net income of $2.86 per share.
Shares declined 60 cents, or 2.3 percent, to close at $25.38.
Source: http://news.indiamart.com/
NEW YORK (AP) -- Fitch Ratings said Friday it affirmed ratings on home appliance company Whirlpool Corp. and its Maytag Corp. unit.
Fitch affirmed Whirlpool and Maytag's long-term issuer default rating at "BBB-", the lowest investment-grade rating, and short-term issuer default rating at "F3." Whirlpool's rating outlook remains negative.
Fitch said Whirlpool is cutting back on capacity and structural costs to meet lower demand, which should help cut costs overall.
The company is also lowering capital spending and managing inventories, which should boost cash flow and maintain liquidity, Fitch said.
Fitch said the company's 2008 performance was weak, as annual sales declined 3 percent and slipped 19 percent in the fourth quarter.
On Tuesday, Whirlpool reaffirmed its full-year earnings outlook, expecting earnings from continuing operations of $3 to $4 per share for 2009.
Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, predict net income of $2.86 per share.
Shares declined 60 cents, or 2.3 percent, to close at $25.38.
Source: http://news.indiamart.com/
posted by B2B India @ 3:49 AM
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