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S&P rates Honeywell notes A
Standard & Poor's said it assigned an A rating to Honeywell International Inc.'s (A/stable/A-1) $1.5 billion issuance of senior unsecured notes.
Proceeds will be used for general corporate purposes, including pre-funding upcoming debt maturities and repaying commercial paper.
"The ratings on Honeywell reflect its substantial operating diversity, solid competitive positions and modest financial risk profile," S&P analyst Dan Picciotto said in a statement.
Ratings also consider the company's cyclical and competitive markets, less conservative than historical financial policy and material liability exposure arising from asbestos litigation, environmental issues and underfunded postretirement obligations, the agency said.
A more balanced use of sizable free cash flow and cash balances, including debt reduction and a significant moderation of share repurchases, should help to preserve credit quality, S&P said.
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