The investment-grade ratings on Roper Industries Inc. reflect Standard&Poor's Ratings Services' view of the company's "satisfactory" business risk profile and "intermediate" financial risk profile, based on our criteria. Characteristics of Roper's business profile include its leading positions in profitable niche markets and diversity of products, end markets, and geographic operations. However, the company has made frequent acquisitions, which exposes it to credit risk. Still, it is our view that Roper will continue to benefit from strong end-market demand in several businesses. Operating performance is improving, and we believe the company will continue to demonstrate good results over the near term. We estimate leverage, as measured by adjusted debt to EBITDA, was about 1.5x on Dec. 31, 2011. We
