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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 senior unsecured two-year notes and new notes to be issued under private exchange offers.
The two-year notes will consist of fixed and floating rates with proceeds to be used to repay euro-denominated floating-rate notes due February 2018 on which about $1.2 billion equivalent was outstanding as of Sept. 30.
Notes to be issued under the exchange offers will be at fixed rates and mature in 2047. The exchange offers apply to about $2 billion of notes due between 2028 and 2041.
The outlook is stable.
Fitch said the ratings consider Honeywell’s diversification across business lines and geographies, strong margins and cash flow, financial flexibility, steady performance through economic cycles and competitive positions in its aerospace and industrial businesses.
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