S&P affirms Empresas ICA

Standard & Poor's said it affirmed its BB- global scale and mxBBB+ national scale corporate credit ratings on Mexican construction company Empresas ICA SAB de CV.

At the same time, S&P said it affirmed its recovery rating of 5 on the company's senior unsecured notes due 2021. The outlook is stable.

"Our rating on ICA reflects the company's aggressive financial profile, the inherent cyclicality of the construction industry in Mexico, and ICA's dependence on the Mexican government and private sector infrastructure spending to sustain its backlog," said S&P credit analyst Fabiola Ortiz in a news release.

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