NEW YORK (Standard&Poor's) Aug. 16, 2006--3M Co. (AA/Stable/A-1+) recently announced that its board of directors has authorized an incremental $1 billion share repurchase program, in addition to the $2 billion program authorized in February, 2006. Standard&Poor's Ratings Services does not expect the share repurchase program to have an impact on its ratings or outlook for 3M. While the company's enhanced share repurchase activity, combined with its growth objectives, may modestly exceed internally generated cash flow, we expect 3M's financial profile to remain consistent with the rating. The company recently reported total revenues for the three months ended June 30, 2006, of $5.7 billon, up 8% from the prior-year period. 3M's EBITDA margin slipped slightly in the
