The ratings on Danaher Corp. reflect the company's excellent business risk profile, with support from its diversified industrial portfolio and its strong operating efficiency. The ratings also reflect a modest financial risk profile, marked by solid cash flow generation capabilities, which aggressive growth objectives and moderately conservative financial policies slightly offset. 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 moderately cyclical, and this -- in combination with significant recurring consumables revenues; customer, end-market, and geographic diversity; limited capital intensity; and strong asset
