On Oct. 11, 2004, Standard&Poor's Ratings Services revised its outlook on Honeywell International Inc. to stable from negative. At the same time, Standard&Poor's affirmed its ratings, including the 'A/A-1' corporate credit ratings, on the company. About $5.1 billion of debt is outstanding. The outlook revision is based on improving conditions in commercial aviation, the benefits of a healthier economy on the firm's industrial businesses, and continued solid cash flow and liquidity. Ratings on Morristown, N.J.-based Honeywell International reflect substantial operating diversity, solid competitive positions, a strong overall financial profile, and a conservative financial policy. The ratings also acknowledge the company's cyclical markets; fairly soft, albeit improving, commercial aircraft and business jet sectors; and liability exposure arising
