Ingersoll Rand PLC has approved a plan to spin off its commercial and residential security businesses into a new entity named Allegion PLC. We are assigning our 'BB+' corporate credit rating to the Ireland-based manufacturer and distributor of commercial and residential security products and services. At the same time, we are assigning a 'BBB' issue-level rating to the company's proposed $1.3 billion of secured bank facilities (revolving credit and bank term loans A and B) and a 'BB+' issue-level rating to proposed $500 million unsecured notes. The outlook is stable, reflecting our view of Allegion's lack of a fully formed financial policy and our view that credit measures will remain relatively stable over the next year, with debt leverage remaining
