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Fitch rates Allegion notes BBB-
Fitch Ratings said it assigned BBB- ratings to Allegion U.S. Holding Co.'s planned issuance of new senior unsecured notes due 2032. Fitch currently rates Allegion plc's (ALLE) and Allegion U.S. Holdings' long-term issuer default ratings and senior unsecured notes BBB-.
The ratings reflect the agency’s expectations that the proceeds, along with revolver borrowings and cash will be used to fund the acquisition of Stanley Access Technologies for $900 million or 17x 2021 EBITDA, before modest synergies, Fitch said.
The outlook is stable.
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