The ratings on St. Paul, Minn.-based 3M Co. reflect its leading market positions, good product diversity, and strong financial profile. The company makes more than 60,000 products for the industrial, consumer, and life-sciences markets. 3M's business benefits from broad product and customer diversity, as a result, its overall earnings and cash flow performance are fairly stable during business cycles. 3M excels at developing new products and leveraging key core technologies such as adhesives, films, and abrasives, resulting in returns on capital consistently exceeding 30%. In the first nine months of 2004, 3M experienced the highest level of sales and operating profit growth in the company's most profitable business segment, Display and Graphics, and in the Industrial segment. In addition, management
