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 strong operating performance over the economic cycle. Organic revenue growth was strong in the first quarter of 2004 at 8%, excluding the benefits of three extra selling days. The recent announcements that Danaher had will acquired Denmark-based Radiometer A/S, a manufacturer of blood gas analyzers and the Gendex division of DENTSPLY International Inc., and
