Allegion PLC recently announced second-quarter results broadly in line with S&P Global Ratings? expectations. The company modestly raised its earnings expectations toward the better end of its guidance for fiscal 2024 as it benefits from stable end markets and strong execution through organic and inorganic growth. The company continues to invest in acquisitions such as Krieger Specialty Products and Unicel Architectural, announced in the second quarter of 2024. We view the impact of increased sales volumes and our updated macroeconomic forecast as relatively minor but enough to show a slight improvement in credit quality (See " Economic Outlook U.S. Q3 2024: Milder Growth Ahead ," published June 24, 2024). While maintaining our view that Allegion?s adjusted debt leverage will remain
