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S&P assigns Honeywell notes A
Standard & Poor's said it assigned its A rating to Honeywell International Inc.'s $1.5 billion of senior unsecured notes.
.The agency said that the notes were issued in two tranches: $600 million 4.25% notes due 2013 and $900 million 5.3% notes due 2018.
Proceeds are intended for repayment of outstanding commercial paper, the agency noted.
"The ratings on Honeywell reflect its substantial operating diversity, solid competitive positions and fairly strong overall financial profile," said S&P credit analyst Roman Szuzper.
"We expect a balanced use of sizable free cash flow and cash balances in 2008, including debt reduction and a significant moderation of share repurchases to help preserve credit quality."
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