Bulletin: Danaher Corp.'s Earnings Report And Acquisition Plan Do Not Affect Ratings

NEW YORK (S&P Global Ratings) April 19, 2018--S&P Global Ratings said today that its ratings and outlook on Danaher Corp. (A/Stable/A-1) are unaffected by the company's recent acquisition of Integrated DNA Technologies Inc. for around $2 billion. Today Danaher reported its earnings for the first quarter of 2018, which were in line with our projections. The company also disclosed the size of this acquisition, which it announced in March 2018 but did not disclose the size at that time. The company has funded the transaction with cash on hand and proceeds from the issuance of commercial paper. Our 'A' corporate credit rating on Danaher continues to reflect our expectation that the company's leverage will remain at or below 2.5x in

...NEW YORK (S&P Global Ratings) April 19, 2018--S&P Global Ratings said today that its ratings and outlook on Danaher Corp. (A/Stable/A-1) are unaffected by the company's recent acquisition of Integrated DNA Technologies Inc. for around $2 billion. Today Danaher reported its earnings for the first quarter of 2018, which were in line with our projections. The company also disclosed the size of this acquisition, which it announced in March 2018 but did not disclose the size at that time. The company has funded the transaction with cash on hand and proceeds from the issuance of commercial paper. Our 'A' corporate credit rating on Danaher continues to reflect our expectation that the company's leverage will remain at or below 2.5x in 2018-2019 and that the company will continue generating strong free operating cash flow of around $3 billion per year. Danaher has created some additional debt capacity within the rating by abstaining from any medium-size or large transactions in 2017 and allocating...

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