The ratings on Morris Township, N.J.-based Honeywell International Inc. (Honeywell) reflect its strong business risk profile and modest financial risk profile, with credit measures that have improved significantly in the past year benefitting from an 8% 2010, full year revenue growth rate and modest margin improvement, along with about $1 billion of funded debt reduction and about $1 billion of pension contributions. Standard&Poor's Ratings Services expects the company's revenues to continue to increase moderately (about 5%) in 2011, as broader economic conditions improve. Cash balances in excess of $2.6 billion, which provide some flexibility for the company to pursue manageable acquisitions, support strong liquidity. The ratings also take into account the company's cyclical and competitive markets, and material
