ENGLEWOOD (S&P Global Ratings) Jan. 30, 2025--S&P Global Ratings today assigned its ?B-? issue-level rating and '3' recovery rating to Legence Holdings LLC's repriced $1,595 million first-lien term loan due December 2027. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a default. Our ?B-? issuer credit rating and stable outlook on the company are unchanged. We view this transaction as leverage neutral and expect that it will reduce Legence's interest expense by up to $10 million, which will modestly improve its cash flow metrics. Our ?B-? issuer credit rating on Legence reflects its good EBITDA growth prospects and aggressive financial policy, including a history of debt-funded acquisitions and distributions. In
