Ratings on Morristown, N.J.-based Honeywell International Inc. reflect substantial operating diversity, solid competitive positions, a strong overall financial profile, and a moderate financial policy. The ratings also acknowledge the company's cyclical markets, the current weakness in commercial aerospace and business jets, and liability exposure arising from unfunded postretirement obligations and asbestos litigation. The firm provides aerospace products and services, automation and control technologies for buildings and industries, specialty materials, and transportation 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 a number of airlines, especially in the U.S. Fewer jetliners in service
