On Feb. 6, 2025, S&P Global Ratings placed its ratings on Honeywell International Inc. (Honeywell) on CreditWatch with negative implications following the announced separation of its automation and aerospace businesses. This development directly affected Plenary Health Hamilton L.P. (PHH), which had significant counterparty exposure to Honeywell--the parent company of its operations and maintenance (O&M) and lifecycle counterparty. Therefore, we also placed our 'A' rating on PHH on CreditWatch with negative implications until the resolution of the Honeywell CreditWatch placement or conclusion that the downgrade of Honeywell would not have implications for our rating on PHH. We completed our analysis and determined that the O&M and lifecycle contract, along with the contractor Honeywell, meets our replaceability criteria. As a result, we:
