NEW YORK (Standard&Poor's) Feb. 15, 2016--Standard&Poor's Ratings Services today assigned its 'A' issue-level ratings to U.S.-based industrial manufacturer Honeywell International Inc.'s euro-denominated senior unsecured notes of various maturities. All of our other ratings on Honeywell are unchanged. We expect that Honeywell will use the proceeds from this issuance to reduce its outstanding commercial paper borrowings, which had increased to $5.9 billion in December 2015 from $3.7 billion in September in order to help fund the company's $5.1 billion acquisition of Elster Group GmbH (completed Dec. 29, 2015). Despite the increased commercial paper borrowings, Honeywell's credit measures remain very healthy. The company's adjusted debt-to-EBITDA ratio was 1.4x and its funds from operations (FFO)-to-debt ratio was 57% as
