DBRS Rates New Issue of Honeywell International at “A”

DBRS has today assigned an “A” rating with a Stable trend to Honeywell International Inc.’s (Honeywell) new issue of $1.5 billion in senior unsecured notes (the Notes). The issuance is comprised of two tranches: $600 million notes due 2014, and $900 million notes due 2019, which rank pari passu with Honeywell’s existing senior unsecured debt. Proceeds from the Notes are expected to be used mainly towards the repayment of term debt maturing in March, 2009 and outstanding commercial paper, with no impact on net debt levels.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating the Industrial Products Industry, which can be found on our website under Methodologies.

This is a Corporate Rating.