S&P Cuts ICA to Single-B

S&P Cuts ICA to Single-B

Mexico Corporate & Sovereign Strategy

S&P has lowered the ratings on Mexico’s Empresas ICA to B+ from BB minus, it says. The builder’s delays in backlog execution have led to weaker than expected financial metrics, and the company faces greater downside risks to deleverage during 2013 and 2014. “Construction activities could remain sluggish during the second half of the year,” the agency says, likely weakening cash flow generation. The outlook is negative. Moody's ICA's ratings to B2 from B1 last week. Both agencies see the recently

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