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. Following its $6.8 billion partly debt-financed acquisition of Beckman Coulter in 2011, the company's credit measures have returned to levels that we consider adequate for the rating. We expect the company to continue to generate consistent free operating cash flow (including $2.5 billion or more 2012) amid moderate demand growth in its global industrial and medical technologies markets. We also expect it to retain a track record of strong operational execution. This, together with very modest dividend and share buybacks, should continue to provide the company with ample capacity for its active acquisition strategy. We view
