The ratings on Morris Township, N.J.-based Honeywell International Inc. reflect the company's "strong" business risk profile and "modest" financial risk profile. We expect Honeywell's credit measures to improve in 2012 near levels we expect for the rating, including a ratio of funds from operations (FFO) to debt of 45%-50%. Our projections assume: More than 4% organic revenue growth in 2012, potentially supplemented by acquisitions; At least 50 basis points (bps) of improvement in reported segment margin; We expect growth to be strongest in the nondefense aerospace market, and for overall demand to be supported by a slow global economic recovery despite a weak outlook for Europe. Despite $1.65 billion of contributions in 2011, Honeywell's underfunded pension status remained sizable at
