Research Update: Plenary Health Hamilton L.P. Rating Placed 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 Plenary Health Hamilton L.P., which has significant counterparty exposure to Honeywell. As a result, we placed Plenary Health Hamilton L.P.'s 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 Honeywell's downgrade would not have implications on the project's rating. The CreditWatch placement reflects our view that

...- 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 Plenary Health Hamilton L.P., which has significant counterparty exposure to Honeywell. - As a result, we placed Plenary Health Hamilton L.P.'s 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 Honeywell's downgrade would not have implications on the project's rating....

Research Update