S&P rates Allegion loan BBB, notes BB+

Standard & Poor's said it assigned a BB+ corporate credit rating to Allegion plc.

The outlook is stable.

The agency also said it assigned a BBB rating to the company's $1.3 million secured bank facilities, consisting of a $500 million five-year revolving credit facility, $500 million five-year term loan A and seven-year $300 million term loan B.

The agency also assigned a BB+ rating to the company's proposed $500 million of senior unsecured notes.

Allegion US Holding Co. is the issuer of the bank facility and the unsecured notes.

S&P said it believes Allegion will maintain credit measures over the next several years in a relatively narrow range of 3x to 3.5x debt-to-EBITDA ratio.

But, the company's financial policy, which is not fully developed at this time, is viewed as a constraint to an investment-grade rating, the agency added.

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