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 moderately conservative financial policies. Washington, D.C.-based Danaher is a diversified industrial manufacturer operating primarily three business segments--professional instrumentations, which includes environmental, medical technologies, and electronic test operations; industrial technologies, which mainly includes the motion and product identification platforms; and tools and components. 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 asset management temper earnings and cash flow volatility. Important strategic advantages for most of Danaher's product portfolio include large installed bases, strong distribution channels, leading brand names, and strong
