Broad product, customer, and geographic diversity Differentiated technology platforms that generate strong brands and scale Strong profitability Strong cash flow generating ability and liquidity profile A financial policy balancing conservative credit measures with shareholder-friendly initiatives and acquisitions Ample capacity within the rating for swings in unfunded pension and medical liabilities or for opportunistic acquisitions The stable outlook reflects Standard&Poor's Ratings Services' view that 3M Co.'s cash-generation capabilities would remain fundamentally strong even in the face of global economic weakness. A downgrade could result if leverage were to exceed the high 1x area for a sustained period because of initiatives to bolster shareholder value, such as share repurchases or major acquisitions An upgrade could result from a sustained emphasis
