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 underfunded postretirement obligations and asbestos litigation. 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. The operating environment and intermediate-term business prospects for commercial aviation, the company's largest market, deteriorated significantly in the aftermath of the Sept. 11, 2001, events, a soft global economy, the Iraq war, and massive losses at airlines, especially in the U.S. Fewer jetliners in service and
