Broad product, customer, and geographic diversity. Strong profitability and cash flow. Ample sources of internal and external liquidity. Differentiated technology platforms that generate strong brands and scale. Leverage could stress the rating because of swings in unfunded pension and medical liabilities or if 3M becomes more aggressive on the acquisition front. The ratings on 3M Co. reflect its "excellent" business risk profile characterized by its leading market positions and good product diversity, as well as its "modest" financial risk profile. With 2011 sales of $29.6 billion; more than 60,000 products for the industrial, consumer, electronics, and life-sciences markets; and a global presence, 3M can generate solid earnings and cash flow throughout business cycles. The company excels at developing new products
