The investment-grade ratings on Danaher Corp. reflect the company's excellent business risk profile, a modest financial risk profile, and ample liquidity, offset to some extent by somewhat aggressive business objectives and moderately conservative financial policies. Danaher is a diversified industrial manufacturer operating primarily three business segments--professional instrumentations, including environmental, medical technologies, and electronic test operations; industrial technologies, mainly including 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 the majority of Danaher's product portfolio include large installed bases, strong distribution channels, leading brand names,
