Operating performance and leverage-related credit metrics at U.S.-based specialty chemical provider Ecolab Inc. have improved in 2010. We are revising our outlook on the company to positive from stable and affirming our corporate credit rating at 'A'. The positive outlook reflects our expectation that the improvement in operating performance and management's adherence to prudent financial policies will support a financial profile that is appropriate for a modestly higher rating. On Dec. 10, 2010, Standard&Poor's Ratings Services revised its outlook on Ecolab Inc. to positive from stable. At the same time, we affirmed our ratings, including our 'A' corporate credit rating, on the company. The outlook revision to positive reflects an improvement in operating performance, which we view as
