Excellent business risk profile as the global leader in a service-intensive segment of the chemical sector; Significant international presence; and Predictability and consistency of operating results and solid and stable profitability. Integration risk following the acquisition of Nalco Holding Co.; A significant financial risk profile; and A financial policy that incorporates an ongoing share repurchase program including a recently announced $1 billion share repurchase. The ratings on Ecolab Inc. reflect the increase in debt leverage at the company following its approximate $8.4 billion acquisition of Nalco Holding Co. Although the purchase has improved our assessment of Ecolab's business risk profile to "excellent" from "strong" (as our criteria define the terms), offsetting some of the added financial risk, Standard&Poor's
