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, transportation products, and specialty materials. In the largest segment, aerospace (38% of estimated 2004 sales), the operating environment and intermediate-term business prospects for commercial aviation deteriorated significantly in the aftermath of the Sept. 11, 2001, events, a soft global economy in the past two years, the Iraq war, SARS, and massive losses at
