S&P: Empresas ICA notes B+

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

At the same time, the agency said it assigned a B+ issue-level rating and a recovery rating of 5, indicating expectation of moderate recovery in the event of a payment default, to the company's $350 million senior unsecured notes due 2017. The outlook is stable.

S&P said the ratings on Empresas reflect its assessment of the company's fair business risk profile, aggressive financial risk profile and adequate liquidity.

"Our assessment of ICA's business risk profile as fair reflects its status as the largest engineering, procurement and construction firm in Mexico, with a long and positive track record among its business divisions," said S&P credit analyst Luis Manuel Martinez in a news release.

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