The ratings on Danaher Corp. reflect the firm's strong business profile, an above-average financial risk profile, ample liquidity, and a moderately conservative financial policy. Recently, the company announced that it had submitted a cash tender offer to purchase Denmark-based Radiometer A/S, a manufacturer of blood gas analyzers, for $730 million, and the Gendex division of DENTSPLY International Inc. for approximately $103 million in cash. Based on Danaher's expectations of $400 million in sales and roughly 17% EBIT margins, Standard&Poor's Ratings Services estimates that if the company meets the low end of its 2004 earnings guidance, it will have funds from operations to total debt in the 55% to 60% range, consistent with expectations of 50% to 60%. Radiometer
