S&P affirms Danaher ratings

Standard & Poor's said it affirmed its A+ corporate credit rating and stable outlook on Danaher Corp.

S&P said the ratings affirmation follows the company's announcements that it has submitted a cash tender offer to purchase Denmark-based Radiometer A/S, a manufacturer of blood gas analyzers, for $730 million, and the Gendex division of Dentsply International Inc. (BBB+/negative/A-2) for about $103 million of cash.

Based on Danaher's expectations of $400 million sales and roughly 17% EBIT margins, S&P said it estimates that the company - should it meet the low end of its 2004 earnings guidance - will have funds from operations to total debt in the 55%-60% range, consistent with expectations of 50%-60%.

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