Leading business positions in a majority of markets. Good operating diversity. Strong overall credit profile. The commercial aerospace and related markets are currently in a severe downturn. Most of the firm's businesses are cyclical and highly competitive. Liability exposure from asbestos litigation and underfunded pension plans. Ratings on Morristown, N.J.-based Honeywell International Inc. reflect substantial operating diversity, solid competitive positions, a strong financial profile, and a moderate financial policy. The ratings also acknowledge the company's cyclical markets and liability exposure arising from asbestos litigation and underfunded pension plans. 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.
