On Feb. 18, 2009, Standard&Poor's Ratings Services assigned its 'A' rating to Honeywell International Inc.'s (A/Stable/A-1) $1.5 billion issuance of senior unsecured notes. Honeywell will use the proceeds from the issuance for general corporate purposes, including to pre-fund upcoming debt maturities and to repay commercial paper. The ratings on Honeywell reflect its substantial operating diversity, solid competitive positions, and modest financial risk profile. The ratings also take into account the company's cyclical and competitive markets, less conservative than historical financial policy, and material (although decreasing) liability exposure arising from asbestos litigation, environmental issues, and underfunded postretirement obligations. A more balanced use of sizable free cash flow and cash balances, including debt reduction and a significant moderation of share
