S&P rates Allegion facility BBB

S&P said it assigned its BBB issue-level rating to Allegion plc's $1.2 billion senior unsecured bank facility, which consists of a $500 million five-year revolving credit facility and a $700 million five-year term loan A.

Allegion U.S. Holding Co. is a co-borrower on the facilities.

The ratings on the existing $300 million senior notes due 2021 and $300 million senior notes due 2023 remain at BBB.

“Allegion is currently benefiting from increased demand in U.S. markets, driven by the construction recovery and increased repair and remodeling spending in both the residential and commercial markets,” the agency said in a news release.

“The company has also improved its operating margins in Europe, which is adding to its improved earnings.”

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