On Nov. 10, 2004, Standard&Poor's Ratings Services assigned its 'A' rating to Honeywell International Inc.'s new $1 billion five-year credit agreement maturing in October 2009. At the same time, Standard&Poor's affirmed its ratings, including the 'A/A-1' corporate credit ratings, on the company. The outlook is stable. About $5 billion of debt is outstanding. Ratings on Honeywell International reflect substantial operating diversity, solid competitive positions, a strong overall financial profile, and a conservative financial policy. The ratings also acknowledge the firm's cyclical markets; fairly soft, albeit improving, commercial aircraft and business jet sectors; and liability exposure arising from asbestos litigation and unfunded postretirement obligations. Honeywell provides aerospace products and services, automation and control technologies for buildings and
