Fitch upgrades Allegion

Fitch Ratings said it upgraded the long-term issuer default ratings of Allegion plc and Allegion US Holding Co., Inc.'s (ALLE) to BBB from BBB-. The agency also raised the existing senior unsecured credit facilities and senior unsecured notes to BBB from BBB-.

“The upgrade reflects Fitch's expectations that ALLE will execute on its growth strategy while managing its leverage profile (EBITDA leverage) below 2.5x. ALLE deleveraged to 2.3x at YE 2023 primarily through EBITDA expansion as Access Technology contributed a full year of earnings; organic growth and pricing initiatives; and productivity improvements. The company's strong FCF generation, financial flexibility, and market position in the security products market are supporting factors of the rating,” the agency said in a press release.

The outlook is stable.

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