The investment-grade ratings on Danaher Corp. reflect the company's well-above-average profile, an above-average financial risk profile, and ample liquidity, offset by somewhat aggressive business objectives and a moderately conservative financial policy. Danaher is a diversified industrial manufacturer operating primarily six business segments--electronic test, motion, product identification, hand tools, environmental, and medical technologies. Although Danaher's end markets are moderately cyclical, factors such as strong brand-name recognition; customer, end-market, and geographic diversity; limited capital intensity; and strong assets management temper earnings and cash flow volatility. Important strategic advantages for the majority of Danaher's product portfolio include large installed bases, strong distribution channels, leading brand names, and strong cost positions. Danaher's corporate culture, known as Danaher Business Systems, or DBS, is founded on
