Strong business profile as the leader in the institutional and industrial cleaning market; Significant international presence; Low-cost, efficient operations which support solid profitability; and Strong credit measures supported by conservative financial management. Potential exposure to economic downturns that affect lodging and restaurant customers; and Growth strategy that includes acquisitions. The ratings on St. Paul, Minn.-based Ecolab Inc. reflect a strong business profile and modest financial risk, including a conservative financial philosophy. The company is the unrivaled leader in the institutional commercial cleaning and sanitizing business, a technology- and service-intensive segment of the chemical sector. Ecolab has a large direct sales force and a national distribution network serving most U.S. hospitality chains. These are considerable competitive advantages. Given its significant market
