Fitch rates Allegion notes BBB-

Fitch Ratings said it assigned a rating of BBB- to Allegion plc’s proposed offering of senior notes.

The rating reflects the expectation that proceeds will be mostly used to refinance term loan borrowings, making the transaction leverage neutral, the agency said.

Fitch currently rates Allegion, its senior unsecured bank debt and senior unsecured notes BBB-.

The outlook is stable.

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