Leading business positions in a majority of markets; Good operating diversity; and Strong overall financial profile. Liability exposure from asbestos litigation and unfunded postretirement obligations; and Cyclicality of most markets. The ratings on Honeywell International Inc. reflect its substantial operating diversity, solid competitive positions, and strong overall financial profile. The ratings also acknowledge the firm's cyclical and competitive markets, and liability exposure arising from asbestos litigation, environmental issues, and unfunded postretirement obligations. Standard&Poor's expects a balanced use of sizable free cash flow and cash balances, including debt reduction, to help preserve credit quality. Honeywell provides aerospace products and services, automation and control technologies for buildings and industries, transportation products, and specialty materials. In the largest segment, aerospace (close
