Leading business positions in a majority of markets; Good operating diversity; Recent progress on reducing funded debt and contributing stock to pension plans; and Strong free cash flow generation. Cyclical end-markets; and Still-sizable underfunded pension and other postretirement benefit obligations. The ratings on Morris Township, N.J.-based Honeywell International Inc. (Honeywell) reflect the company's strong business risk profile and modest financial risk profile. Standard&Poor's Ratings Services believes Honeywell's credit measures have improved significantly from low levels in 2008 and 2009, benefitting from good growth (about 10% expected in 2011) and a mid-teens EBITDA margin. In addition, the company has made some progress in reducing its underfunded pension status by contributing more than $2 billion over the past couple of
