Global leader in a service-intensive segment of the chemical sector Significant international presence Solid and consistent profitability Free cash flow allocation is tilted toward growth-related capital spending and shareholder rewards The positive outlook reflects our expectation that stronger earnings and cash flow in 2014 and beyond will gradually reduce Ecolab's debt leverage. We do not anticipate any large debt-funded acquisitions of a size similar to the approximately $2 billion Champion acquisition or the $8 billion Nalco acquisition, but we do expect the company to keep investing in growth opportunities, including acquisitions. At the current rating, we expect the ratio of funds from operations (FFO) to total debt to be in the 25% to 30% range. We view a downgrade as
