On Dec. 11, 2003, Standard&Poor's Ratings Services affirmed its 'A+' corporate credit rating and stable outlook on Danaher Corp. At Sept. 30, 2003, the Washington, D.C.-based industrial manufacturer had approximately $1.5 billion of debt outstanding. The ratings affirmation follows the company's announcements that it has submitted a cash tender offer to purchase Denmark-based Radiometer A/S, a manufacturer of blood gas analyzers for $730 million, and the Gendex division of DENTSPLY International Inc. (BBB+/Negative/A-2) for approximately $103 million of cash. Based on Danaher's expectations of $400 million sales and roughly 17% EBIT margins, Standard&Poor's estimates that the company, should it meet the low end of its 2004 earnings guidance, will have funds from operations to total debt
