The ratings on Danaher Corp., a leading maker of process/environmental controls, and tools and components, reflect the company'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 strong operating performance over the economic cycle. For the first half of 2003, revenues advanced 16% from the same period last year, primarily through acquisitions and foreign currency translation benefits, and net earnings, before the effect of an accounting charge in
