NEW YORK (Standard&Poor's CreditWire) July 3, 2001-- Standard&Poor's today affirmed its ratings on Honeywell International Inc. and removed them from CreditWatch, where they were placed on Oct. 23, 2000 (see list below). European regulatory authorities have rejected the proposed acquisition of Honeywell by General Electric Co. (AAA/Stable/A-1+). The European action eliminates the potential for improved credit quality that would have resulted had Honeywell combined with financially stronger General Electric. The rating outlook is stable. The ratings on Morristown, N.J.-based Honeywell reflect substantial operating diversity, solid competitive positions, a strong financial profile, and a moderate financial policy. The firm provides aerospace products and services (40% of 2000 revenues), automation and control technologies for buildings (30%), performance materials
