...November 5, 2020 NEW YORK (S&P Global Ratings) Nov. 5, 2020--The COVID-19 pandemic continues to affect Honeywell International Inc.'s key end markets, including aerospace, construction, and oil and gas. Third-quarter 2020 organic sales declined about 14% but were up from the second-quarter trough of about an 18% decline. While the operating environment is challenging, we expect sequential improvement to continue into the fourth quarter. We expect growth in defense, warehouse automation, and personal protective equipment to support this trend; other end markets such as commercial aviation, building products, fluorine products, and productivity solutions will remain challenged. Despite the early signs of a recovery, we expect Honeywell's overall operating performance to be weak for fiscal year 2020 as the broad-based end market softness continues to affect its revenue growth and earnings. We forecast a consolidated 10%-15% top-line decline in 2020 and believe its underperforming end markets...
