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 ratings also acknowledge the company's cyclical markets and liability exposure arising from asbestos litigation and underfunded pension plans. 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 aftermath of the Sept. 11, 2001, events and a soft global economy, intermediate-term business prospects for commercial aviation, the company's largest market, deteriorated significantly. Weaker air traffic, losses at airlines, grounded aircraft, and passenger security concerns will constrain orders for new planes. Fewer jetliners
