Moody's: Empresas ICA notes B1

Moody's Investors Service said it assigned a B1 rating to the $350 million guaranteed senior unsecured notes due in 2017 issued by Empresas ICA, SAB de CV.

The notes are unconditionally and irrevocably guaranteed by Cicasa, Conoisa and Conevisa, principal operating subsidiaries of Empresas ICA.

The outlook is stable.

Moody's said the B1 ratings are based on Empresas ICA's aggressive expansion of its concession business, high leverage, small revenue size as compared to its global peers and limited global geographic diversity.

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