The company is well positioned as a global leader in a service-intensive segment of the chemicals sector; It has a significant international presence, which it continues to expand through acquisitions; and It has solid and consistent profitability, with EBITDA margins in the low-20% area as of Dec. 31, 2017. We forecast leverage will remain in the 2x-3x range over the next two years; and We expect liquidity sources to be greater than 1.5x liquidity uses over the next two years. S&P Global Ratings' stable outlook on Ecolab Inc. reflects our expectation that the company's credit metrics will remain appropriate for the current rating over the next two years. More specifically, we expect Ecolab's weighted-average funds from operations (FFO) to debt
