Broad product, customer, and geographic diversity; Strong profitability and cash flow; Ample sources of internal and external liquidity; and Differentiated technology platforms that generate strong brands and scale. Aggressive leverage for the rating attributed to swings in unfunded pension and medical liabilities. The ratings on 3M Co. reflect its leading market positions, good product diversity, strong financial profile, and commitment to accelerating growth from the current portfolio. Debt leverage that is likely to remain somewhat high for the rating over the medium term partly offsets these factors. With 2009 sales of $23.1 billion; more than 60,000 products for the industrial, consumer, and life-sciences markets; and a global presence, 3M can generate solid earnings and cash flow throughout business cycles. The
