The ratings on Washington, D.C.-based Danaher Corp. reflect the company's excellent business risk profile, modest financial risk profile, and ample liquidity, offset to some extent by its somewhat aggressive business objectives and moderately conservative financial policies. Danaher is a diversified industrial manufacturer primarily operating in four business segments: professional instrumentations (environmental and electronic test equipment), industrial technologies (motion control and product identification platforms), medical technologies (critical care diagnostics, dental, life sciences), and tools and components. Danaher's blended end markets are only moderately cyclical, and this--in combination with significant recurring consumables revenues, customer, end-market, and geographic diversity; limited capital intensiveness; and strong asset management--contributes to relatively stable earnings and cash flow generation. The company's acquisitions in markets with higher gross margins--such
