...March 4, 2025 TORONTO (S&P Global Ratings) March 4, 2025--S&P Global Ratings today assigned its `###+' rating to U.S.-based diversified manufacturer 3M Co.'s proposed senior unsecured notes. 3M will issue the debt in two tranches of intermediate-dated tenors and will use proceeds to refinance 2025 maturities totaling $1.8 billion. We recently revised the outlook on 3M to stable from negative, as the company's credit ratios have steadied after several years of financial and strategic disruptions. The company finished 2024 with S&P Global Ratings-adjusted debt to EBITDA of 2.6x, which is below our 3x downgrade threshold. Furthermore, assuming $6.5 billion of annual EBITDA over the next three years, we estimate funds from operations (after interest and cash taxes) of about $5 billion per year to augment cash and short-term investments of $7.7 billion as of Dec. 31, 2024. These cash resources should be adequate to fund about $1 billion of annual capital expenditures, as well as $3.1 billion...
