Moody’s ups Allegion loan to Baa3, rates notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to Allegion plc's proposed senior unsecured notes due 2023.

At the same time, the agency affirmed the Ba1 corporate family rating and Ba1-PD Probability of default rating, and upgraded the senior secured credit facility to Baa3 from Ba1. The facility consists of a $500 million revolver and a $975 million term loan A.

The outlook is stable.

On Sept. 11, Allegion announced that it would be issuing $300 million senior unsecured notes due 2023 which will be used to pay down revolver borrowings utilized to fund recently announced transactions. The acquisitions included SimonsVoss Technologies GmbH, Milre Systek Co., Ltd. and AXA Stenman Holding BV, which totaled about $470 million. Allegion is funding the remaining portion of purchase prices with cash on hand.

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