Strong business profile as the global leader in a service-intensive segment of the chemical sector; Significant international presence; Low-cost operations, which support solid and stable profitability; and Strong credit measures, backed by conservative financial management. The possible repurchase of shares from Henkel, which could weaken credit measures if Ecolab decides to buy back a meaningful amount; and A growth strategy that includes modest acquisitions. The ratings on St. Paul, Minn.--based Ecolab Inc. remain on CreditWatch with negative implications, where they were placed on Feb. 27, 2008, following Ecolab's announcement that it will consider the repurchase of some of its shares that Henkel AG&Co. KGaA (A/Stable/A-1) intends to divest. Earlier, Henkel had announced its intention to divest all or
