Moody's may lower ICA

Moody's Investors Service said it placed the Ba3 corporate family and senior unsecured ratings of Empresas ICA, SAB de CV and its $500 million of global notes due 2021 under review for downgrade.

The review was prompted by a significant increase in consolidated debt leverage and generally tight liquidity, according to the agency.

"The ratings review was driven by Moody's view that ICA's higher than expected working capital needs and consolidated debt burden will not decline rapidly and will have a negative impact on financial expenses and related coverage credit metrics," a Moody's vice president Nymia Almeida said in a statement.

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