The ratings on Morris Township, N.J.-based Honeywell International Inc. reflect the company's "strong" business risk profile and "modest" financial risk profile. Standard&Poor's Ratings Services expects Honeywell's credit measures to remain near levels we expect for the rating, including a ratio of funds from operations (FFO) to debt of 45%-50%. Our projections assume: Low-single-digit organic revenue growth in 2013, supplemented by acquisitions; Slight improvement in reported segment margin on the back of slightly higher revenues; Modest growth in most segments but continuing weak transportation due to potentially lower light vehicle sales; and Continued modest decline for the defense portion of aerospace segment due to budget pressures. Despite considerable contributions to its pension plans of more than $1 billion in
