The ratings on Honeywell International Inc. reflect substantial operating diversity, solid competitive positions, a strong financial profile, and a moderate financial policy. The firm provides aerospace products and services, automation and control technologies for buildings and industries, specialty materials (nylon, fluorine products, specialty chemicals, performance fibers, and electronic materials), and transportation and power products. In the wake of the Sept. 11, 2001, events, commercial aerospace intermediate-term business prospects deteriorated significantly. Weaker air traffic, losses at airlines, grounded aircraft, lower passenger confidence, and a slower global economy will clearly constrain orders for new planes. Fewer jetliners in service and lower aircraft use will also impact Honeywell's high-margin aftermarket products and services. The commercial aerospace businesses accounted for about 15% of the
