S&P gives Baa3 to Allegion US notes

S&P said it gave a BBB issue-level rating to Allegion US Holding Co. Inc.'s planned senior unsecured notes due in 2032. Parent Allegion plc, also rated BBB, will guarantee the notes.

The company intends to use the proceeds with revolver borrowings and cash on hand to finance the acquisition of Stanley Access Technologies for $900 million.

“We expect credit measures to remain within our tolerance for the rating, including leverage of 2x-3x, supported by the company's prudent financial policy actions,” S&P said in a press release.

The outlook is stable.

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