The ratings on Danaher Corp. continue to 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. The company is a diversified industrial manufacturer primarily operating in four business segments: professional instrumentation (environmental and electronic test equipment), industrial technologies (motion control and product ID platforms), medical technologies (dental, life sciences, and critical care diagnostics), 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 intensity; and strong asset management—contributes to relatively stable earnings, cash flow, and return on capital. The company's acquisitions in markets
