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. In the wake of the Sept. 11, 2001 events, intermediate term business prospects for commercial aviation, the company's largest market, deteriorated significantly. Weaker air traffic, losses at airlines, grounded aircraft, passenger security concerns, and a soft global economy will constrain orders for new planes. Fewer jetliners in service and lower aircraft use will also impact Honeywell's higher-margin aftermarket products and services. The commercial aerospace businesses
