U.S.-based industrial conglomerate Honeywell International Inc. is issuing senior notes in order to repay certain debt maturities. Therefore, we are affirming our 'A/A-1' corporate credit rating on Honeywell. At the same time, we are assigning our 'A' issue-level rating to the company's proposed notes due 2019 and 2047. The stable outlook reflects our expectation that Honeywell will maintain appropriate levels of debt leverage for the current rating, including adjusted debt-to-EBITDA of less than 2.5x on a run-rate basis. On Oct. 23, 2017, S&P Global Ratings affirmed all of its ratings on Morris Plains, N.J.-based Honeywell International Inc., including our long-term 'A' corporate credit rating. At the same time, we assigned our 'A' issue-level rating to the company's proposed $1.2 billion
