Ratings on Morristown, N.J.-based Honeywell International Inc. reflect substantial operating diversity, solid competitive positions, a strong financial profile, and a moderate financial policy. The firm provides aerospace products and services; automation and control technologies for buildings and industries; specialty materials (nylon, fluorine products, specialty chemicals, performance fibers, and electronic materials); and transportation and power products. Commercial aerospace intermediate-term business prospects deteriorated significantly following the events of Sept. 11. Weaker air traffic, losses at airlines, grounded aircraft, passenger security concerns, and a slower global economy will constrain orders for new planes. Fewer jetliners in service and lower aircraft use will also impact Honeywell's high-margin aftermarket products and services. The commercial aerospace businesses accounted for about 15% of the company's 2001 revenues,
