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 $1.0 billion in senior unsecured notes (the Notes). The issuance comprises two tranches -- $700 million notes due 2015 and $300 million notes due 2023 -- which rank pari passu with existing Honeywell senior unsecured debt.

Proceeds from the Notes are expected to be used mainly toward the repayment of outstanding indebtedness, including commercial paper and the $600 million senior unsecured notes with a maturity in February 2014, and for corporate purposes. DBRS believes that the impact of the increase in net debt is not material.

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.