NEW YORK (Standard&Poor's) May 19, 2010--Standard&Poor's Ratings Services said today that its ratings and outlook on Honeywell International Inc. (A/Stable/A-1) are not affected by the company's announcement that it will acquire Sperian Protection (not rated), a France-based maker of personal protection equipment, for $1.4 billion. The acquisition will bolster the company's position in the personal protection market and will approximately double the revenues (to close to $2 billion) in the Honeywell Safety Products segment, which was formed after the acquisition of Norcross Safety Products LLC in 2008. We expect Honeywell to continue generating strong free cash flow this year of about $3 billion, which gives the company some flexibility to pursue acquisitions. However, Honeywell's credit measures
