Fitch Ratings expects to assign Honeywell International’s planned issue of euro-denominated senior unsecured notes, which will include a mix of maturities, a rating of ‘A’. Proceeds will be available for general corporate purposes, including repayment of commercial paper, which totaled $5.9 billion at the end of 2015. The Rating Outlook is Stable. HON’s leverage deteriorated modestly following significant cash deployment in 2015, which included more than $5 billion of acquisitions and $1.9 billion of share repurchases. Debt increased to nearly $12.1 billion at 31 December 2015 from $8.7 billion at the end of 2014. As a result, debt-to-EBITDA increased to

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