U.S.-based industrial conglomerate Honeywell International Inc. continues to generate solid profitability and good cash flow. We have revised our assessment of the company's financial risk profile to modest from minimal because we believe that management's future capital deployment plans may negatively affect its credit measures. We are affirming our 'A/A-1' corporate credit rating on Honeywell. The stable outlook reflects our expectation that Honeywell will maintain appropriate levels of debt leverage for the current rating, including an adjusted debt-to-EBITDA metric of roughly 2x and a funds from operations (FFO)-to-debt ratio of 45% during the next two years. On July 20, 2017, S&P Global Ratings affirmed its 'A/A-1' corporate credit rating and all other ratings on Honeywell International Inc. The outlook remains
