Research Update: Integrated Team Solutions SJHC Partnership Rating On CreditWatch Negative In Line With Honeywell CreditWatch Placement

On Feb. 6, 2025, S&P Global Ratings placed its ratings on Honeywell International Inc. on CreditWatch with negative implications following the announced separation of its automation and aerospace businesses. This negative CreditWatch placement has direct implications for Integrated Team Solutions SJHC Partnership, which has significant counterparty exposures to Honeywell. As a result, we placed Integrated Team Solutions SJHC Partnership's 'A' issue-level rating on CreditWatch with negative implications, until the resolution of the Honeywell CreditWatch placement, which we expect to update once we have more insight on the structure of the separation transactions, likely in 2026. Alternatively, we could resolve the CreditWatch sooner if we conclude that a downgrade of Honeywell will not have implications on the rating. The CreditWatch placement

...- On Feb. 6, 2025, S&P Global Ratings placed its ratings on Honeywell International Inc. on CreditWatch with negative implications following the announced separation of its automation and aerospace businesses. - This negative CreditWatch placement has direct implications for Integrated Team Solutions SJHC Partnership, which has significant counterparty exposures to Honeywell. - As a result, we placed Integrated Team Solutions SJHC Partnership's 'A' issue-level rating on CreditWatch with negative implications, until the resolution of the Honeywell CreditWatch placement, which we expect to update once we have more insight on the structure of the separation transactions, likely in 2026. Alternatively, we could resolve the CreditWatch sooner if we conclude that a downgrade of Honeywell will not have implications on the rating....

Research Update