The ratings on Washington-based diversified industrial and medical equipment manufacturer Danaher Corp. reflect the company's strong business risk profile and its modest financial profile. They also reflect our expectation that higher debt levels associated with the recently closed acquisition of Beckman Coulter Inc. will stretch credit measures somewhat below levels that Standard&Poor's Ratings Services considers adequate for the 'A+' rating in 2011. However, we expect that strong free operating cash flow (FOCF) generation and a very modest dividend payout should allow the company to reduce debt in the next 12 months, and restore credit measures to satisfactory levels, including FOCF to total debt of about 35%. Although we believe the company will resume its acquisition activities in 2012,
