U.S.-based life science tools and service provider Danaher Corp. has consistently strong operating results over the past several years, supported by strong industry fundamentals, a diverse product portfolio, and a well-executed acquisition strategy. We expect the company to generate solid organic growth, steady profitability, and adjusted debt to EBITDA generally below 3x over the long term. As a result, we raised our ratings on Danaher, including our issuer credit rating to 'A-' from 'BBB+'. The stable outlook reflects our expectation for Danaher to continue to increase EBITDA organically over the next several years, supported in part by strong industry fundamentals. The stable outlook also reflects our expectation the company will generally maintain adjusted debt to EBITDA in the 2x-3x range.
