Various Project Finance Entities Ratings Placed On CreditWatch Negative In Line With Honeywell CreditWatch Placement

TORONTO (S&P Global Ratings) Feb. 12, 2025--On Feb. 6, 2025, S&P Global Ratings placed its ratings on Honeywell International Inc. on CreditWatch with negative implications following the announced separation of its automation and aerospace businesses. This negative CreditWatch placement has direct implications for several project finance entities with significant counterparty exposure to Honeywell including Integrated Team Solutions SJHC Partnership, PLENARY Properties LTAP LP, Plenary Health Hamilton L.P., and THP Partnership. As a result, we placed the affected project finance issue-level ratings on CreditWatch with negative implications, until the resolution of the Honeywell CreditWatch placement, which we expect to update once we have more insight on the structure of the separation transactions, likely in 2026. Alternatively, we could resolve the CreditWatch

...February 12, 2025 TORONTO (S&P Global Ratings) Feb. 12, 2025--On Feb. 6, 2025, S&P Global Ratings placed its ratings on Honeywell International Inc. on CreditWatch with negative implications following the announced separation of its automation and aerospace businesses. This negative CreditWatch placement has direct implications for several project finance entities with significant counterparty exposure to Honeywell including Integrated Team Solutions SJHC Partnership, PLENARY Properties LTAP LP, Plenary Health Hamilton L.P., and THP Partnership. As a result, we placed the affected project finance issue-level ratings on CreditWatch with negative implications, until the resolution of the Honeywell CreditWatch placement, which we expect to update once we have more insight on the structure of the separation transactions, likely in 2026. Alternatively, we could resolve the CreditWatch sooner if we conclude that a downgrade of Honeywell would not have implications on the projects' ratings. The...

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