Over the past year Ecolab Inc. continued to improve its operating performance and credit metrics, which are now in line with our expectations at the rating. We anticipate that despite shareholder rewards and modest levels of acquisitions in 2024, Ecolab's leverage metrics will remain in line with what we consider appropriate for the 'A-' rating over the next two years. As a result, we revised our outlook to stable from negative. At the same time, we affirmed all ratings, including our 'A-' issuer credit rating. The stable outlook reflects our expectation that the company will continue expanding its EBITDA and improving margins over the next two years. S&P Global Ratings' stable outlook on Ecolab reflects our expectation that the company's
