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 new issue of $1.4 billion in senior unsecured notes (the Notes). The issuance is comprised of two tranches – $800 million Notes due 2021, and $600 million Notes due 2041, which rank pari passu with existing Honeywell senior unsecured debt.

Proceeds from the Notes are expected to be used mainly towards the repayment of outstanding indebtedness, including the repurchase of up to $400 million of senior notes due 2012, to repay commercial paper and for corporate purposes. DBRS believes that the impact of the increase in net debt is not meaningful.

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

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