Moody's lowers Empresas ICA

Moody's Investors Service said it downgraded Empresas ICA, SAB de CV's corporate family and the senior unsecured ratings on the company's $500 million in global notes due 2021 to B1 from Ba3.

The outlook is stable.

Moody's said the ratings downgrade was based on ICA's aggressive debt-funded growth of its concession portfolio in the last few quarters, which significantly increased its consolidated leverage and will worsen credit protection metrics for the next two to three years.

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