S&P upgrades Allegion to BBB

S&P said it raised the corporate credit and issue-level ratings on Allegion plc to BBB from BBB-.

The outlook is stable.

"The upgrade of Allegion plc reflects the company's recent improvement in earnings; reduced debt leverage over the past year to 2.6x debt to EBITDA (which includes S&P Global Ratings' pension, operating lease, and surplus cash adjustments) compared to 3.3x a year ago; and our expectation that the company will continue to improve its earnings in both North America and Europe over the next two years," S&P credit analyst Thomas J Nadramia said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.