On Feb. 16, 2006, Standard&Poor's Ratings Services revised its outlook on Ecolab Inc. to positive from stable to reflect improvement in the company's financial profile including a strengthening of credit measures, and continuing strength in its business profile. All ratings, including the 'A' corporate credit rating, are affirmed (see list below). The positive outlook recognizes the increasing likelihood that a strengthening financial profile will support somewhat higher ratings within the next two years while factoring in a growth strategy that includes possible acquisitions. As of Sept. 30, 2005, Ecolab had about $940 million of debt outstanding, adjusted for underfunded postretirement benefits and the present value of operating leases. The ratings on St. Paul, Minn.-based Ecolab reflect a strong
