The investment-grade ratings on Danaher Corp. reflect the firm's excellent business risk profile, 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 (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 intensiveness; and strong asset management temper earnings and cash flow volatility. Important strategic advantages for most of Danaher's product portfolio are its large installed bases, strong distribution channels, leading brand
