On Dec. 13, 2004, Standard&Poor's Ratings Services affirmed its ratings, including the 'A/A-1' corporate credit ratings, on Honeywell International Inc. The affirmation followed Honeywell's announcement that it will acquire U.K.-based Novar PLC in a cash transaction valued at $2.4 billion, including assumed debt of $600 million. The outlook is stable. About $5 billion of debt is currently outstanding. Although the Novar purchase is sizable, it will be funded with existing cash balances and the final cost should be reduced by proceeds from divesting Novar's aluminum products and check printing businesses ($1.5 billion combined sales) for $1 billion-$1.5 billion. Thus, Honeywell's financial profile is expected to remain appropriate for the ratings. Novar's remaining unit, Intelligent Building Systems, focused on
