On Dec. 19, 2002, Standard&Poor's Ratings Services affirmed its ratings, including the 'A'/'A-1' corporate credit ratings, on Morristown, N.J.-based Honeywell International Inc. following the company's announcement that it expects to take a fourth-quarter 2002 after-tax charge of about $1.9 billion. The outlook remains negative. Although the charge is sizable and reduces Honeywell's financial flexibility, it can be accommodated within the current ratings in view of the firm's strong overall credit profile, especially its solid cash flow generation and good liquidity. The company anticipates exceeding $1.8 billion of free cash flow in 2002, with cash and equivalents of $2 billion at Sept. 30, and substantial availability under its $2 billion revolving credit facilities. Pro forma for the charge, debt
