Leading (no. 1 or 2) business positions in a majority of markets; Good diversity by sector, business unit, product and geography; Recent improvement in credit measure performance supplemented by sizable cash balances; 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. reflect the company's "strong" business risk profile and "modest" financial risk profile. We expect Honeywell's credit measures to improve in 2012 near levels we expect for the rating, including a ratio of funds from operations (FFO) to debt of 45%-50%. Our projections assume: More than 4% organic revenue growth in 2012, potentially supplemented by acquisitions; At least 50 basis points (bps) of
