On Feb. 26, 2002, Standard&Poor's assigned its preliminary senior unsecured and its preliminary subordinated debt ratings to Danaher Corp.'s $1 billion Rule 415 shelf registration. In addition, Standard&Poor's affirmed its corporate credit rating on Danaher. The ratings on Danaher reflect the firm's above-average business profile, together with a sound balance sheet, strong cash flow protection, and a moderately conservative financial policy. Although Danaher's business is cyclical, factors such as strong brand-name recognition; customer, end-market, and geographic diversity; limited capital intensity; and a healthy portion of sales going to the more stable replacement markets mitigate earnings and cash flow volatility. This bodes well for continued strong operating performance. For 2001, net earnings, excluding restructuring charges, were $324.2
