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 rating outlook reflects Standard&Poor's Ratings Services' expectation that stronger earnings and cash flow in 2015 and beyond will gradually reduce Ecolab Inc.'s debt leverage. We do not anticipate any large debt-funded acquisitions of a size similar to the approximately $2 billion Champion Technologies Inc. acquisition or the $8 billion Nalco Co. 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
