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. 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 more stable replacement markets help temper earnings and cash flow volatility. This bodes well for a strong operating performance over the economic cycle. Organic revenue growth in the fourth quarter ended Dec. 31, 2003 was 6%, the highest quarterly rate since Sept. 30, 2000. The recent announcements that Danaher will acquire Denmark-based Radiometer A/S, a manufacturer of blood gas analyzers, for $730 million, and the Gendex division of DENTSPLY
