NEW YORK (Standard&Poor's) Oct. 3, 2005--Honeywell International Inc. (A/Stable/A-1) has entered into a definite agreement to buy the remaining 50% stake it does not own in UOP LLC (--/--/A-2) from Union Carbide Corp. (BBB-/Developing/--), a unit of Dow Chemical Co. (A-/Stable/A-2) for $825 million. Standard&Poor's Ratings Services said this development does not affect its ratings or outlook on Honeywell. The firm's liquidity is strong: cash and equivalents of $1.9 billion (on June 30, 2005), free cash flow forecast at $1.7 billion-$1.8 billion for 2005, $1 billion-$1.5 billion in expected proceeds from selling noncore operations, availability under committed credit facilities, and demonstrated access to the capital markets. UOP is a leading producer of catalysts, absorbents, process equipment,
