Fitch to rate Honeywell notes A

Fitch Ratings said it expects to assign a rating of A to Honeywell International Inc.'s planned issuance of about $1 billion of senior unsecured notes, including a mix of two-year floating-rate notes and 10-year fixed-rate notes.

Proceeds will be available for general corporate purposes and will support Honeywell's liquidity ahead of the scheduled maturity of $600 million 3.875% notes due February 2014.

The outlook is stable.

Fitch said the ratings incorporate Honeywell's solid operating performance, leading market positions, diverse business portfolio, high liquidity, and consistent cash flow. Debt-to-EBITDA was 1.3x at Sept. 30. Fitch estimates free cash flow after dividends in 2013 could increase to around $2 billion, compared to $1.4 billion in 2012.

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