ENGLEWOOD (S&P Global Ratings) May 8, 2025--S&P Global Ratings today said that it assigned its 'A' issue-level rating to Honeywell International Inc. 's $6 billion delayed draw term loan and placed the rating on the term loan on CreditWatch with negative implications, in alignment with the existing issuer credit rating on the company. Honeywell intends to use the proceeds of the issuance, when funded, for general corporate purposes as it separates into three companies--Automation, Aerospace, and Solstice Advanced Materials--as previously announced. All of our ratings on Honeywell, including the 'A' issuer credit rating, remain on CreditWatch with negative implications. We expect the separation will reduce Honeywell's overall scale and diversification. The capitalization of each business will depend on a series
