Legence Shares Fall Despite S&P Ratings Bump
Legence Corp. lost 5.9% to end at $83.69 on Friday, with shares closing near session lows as growth-heavy industrials sold off across the U.S. The building systems stock was flat in after-hours trading following the regular close at 4 p.m. Legence Holdings LLC picked up an upgrade to BB- from B+ at S&P Global Ratings late Friday, with the agency pointing to lower private-equity sponsor ownership and better-than-expected first-quarter numbers. S&P also shifted its outlook to positive. The new BB- is still below investment grade, so lenders still see higher risk than with investment-grade firms. But it’s a notch up the scale.
