The ratings on Minnesota Mining&Manufacturing Co. (3M) reflect its leading market positions, good product diversity, and strong financial profile. The company produces more than 60,000 products for the industrial, consumer, and life sciences markets. 3M excels at developing new products and leveraging off key, core technologies such as adhesives, films, and memory technologies. As a result, returns on capital are consistently in the 25% area or better. Some 30% of sales come from products developed within the past four years. Standard&Poor's expects 3M's financial profile to remain strong but with more tolerance for debt-financed share repurchases than was true historically. Total debt to capital is expected to vary narrowly around the 30% level, up from 25%
