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 abrasives. As a result, returns on capital are consistently in the 25% area or better. Standard&Poor's expects 3M to maintain its strong financial profile, despite near-term exposure to economic weakness. Total debt to capital should remain in the mid-30% range. Although cash flow from operations remains strong, funds from operations to total debt is likely to remain less than 100%. The current ratings provide the
