Ratings on Honeywell International Inc. reflect substantial operating diversity, solid competitive positions, a strong overall financial profile, and a conservative financial policy. The ratings also acknowledge the company's cyclical markets; fairly soft, albeit improving, commercial aircraft and business jet sectors; and liability exposure arising from asbestos litigation and unfunded postretirement obligations. The Morristown, N.J.-based company has about $5.1 billion of debt outstanding. Honeywell 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 for commercial aviation operations stabilized in 2004 following a severe market downturn in the wake of the Sept. 11, 2001, events, and other shocks to the
