The ratings on Ecolab Inc. reflect the increase in debt leverage at the company following its approximate $8.4 billion acquisition of Nalco Holding Co. Although the purchase has improved our assessment of Ecolab's business risk profile to "excellent" from "strong" (as our criteria define the terms), offsetting some of the added financial risk, Standard&Poor's Ratings Services believes that the acquisition-related increase in debt and $1 billion in announced share repurchases result in an overall deterioration in credit quality. Pro forma for the close of the transaction and announced $1 billion share buyback, we expect funds from operations (FFO) to total debt to be roughly 20%, compared with about 56% as of Sept. 30, 2011. Based on our operating
