S&P Global Ratings placed its rating on Honeywell International Inc. (Honeywell) on CreditWatch with negative implications on Feb. 6, 2025, following the announced separation of the company's automation and aerospace businesses. Honeywell is the parent company of Integrated Team Solutions SJHC Partnership?s (ProjectCo or ITS SJHC) irreplaceable operations and maintenance (O&M) counterparty. Therefore, we placed our ?A? rating on ProjectCo?s senior debt on CreditWatch with negative implications on Feb. 12, 2025. pending either the resolution of the Honeywell CreditWatch placement or our conclusion that a downgrade of Honeywell would not affect our rating on the project?s debt. We have completed our analysis and determined that the O&M and lifecycle contract, along with the contractor Honeywell, meets our replaceability criteria. As
