Leading business positions in a majority of markets; Good operating diversity; and Strong overall financial profile. The commercial aerospace and related markets are in a significant downturn; Weak profitability of the specialty materials segment; and Liability exposure from unfunded postretirement benefits and asbestos litigation. Ratings on Morristown, N.J.-based Honeywell International Inc. reflect substantial operating diversity, solid competitive positions, a strong overall financial profile, and a moderate financial policy. The ratings also acknowledge the company's cyclical markets, the current weakness in commercial aerospace and business jets, and liability exposure arising from unfunded postretirement obligations and asbestos litigation. The firm provides aerospace products and services, automation and control technologies for buildings and industries, specialty materials, and transportation products. The operating environment and
