The company is positioned as a global leader in a service-intensive segment of the chemical sector. Its significant international presence, which it continues to expand through acquisitions. Its solid and consistent profitability, with EBITDA margins in the low-20% area as of Dec. 31, 2016. We forecast leverage will remain in the 2x-3x range over the next two years. We expect its liquidity sources to be greater than 1.5x its liquidity uses over the next two years. The stable rating outlook on Ecolab Inc. reflects S&P Global Ratings' expectation the company's credit metrics will remain in line with the intermediate financial risk profile assessment over the next two years. More specifically, we expect Ecolab's weighted averaged funds from operations (FFO) to
