The most common and most likely answer to this crossword clue is the 9 letter word COMMENDED
I've seen this crossword clue in Financial Times
C
O
M
M
E
N
D
E
D
Buddy explains!

The straight part
We know that "honoured" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case honoured = commended.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does COMMENDED mean?
COMMENDED verb- To congratulate or reward.
- To praise or acclaim.
- To entrust or commit to the care of someone else.
- To mention by way of courtesy, implying remembrance and goodwill.
- To recommend.
- To adorn; to set off.