Ireland-based security products and services producer Allegion PLC has posted improved sales and earnings over the past year and has reduced adjusted debt leverage that we believe will be sustained. We expect Allegion's sales to grow about 6%-7% in 2017, with EBITDA approaching $600 million, resulting in debt-to-EBITDA leverage of about 2.5x or less by the end of the year. We are raising our corporate credit rating and all issue-level ratings on Allegion to 'BBB' from 'BBB-'. The stable outlook reflects our view that Allegion will maintain debt leverage (after S&P Global Ratings' adjustments) in the 2.5x-3x range for 2017 and 2018 while maintaining consistent earnings, strong cash flow, and exceptional liquidity. On June 28, 2017, S&P Global Ratings raised
