Moody's cuts Empresas ICA notes

Moody's Investors Service said it downgraded Empresas ICA, SAB de CV's corporate family rating to B2 from B1 and placed the ratings on review for possible further downgrade.

The actions were prompted by Empresas ICA's higher debt leverage and liquidity risk than anticipated.

Moody's also downgraded $500 million in senior unsecured global notes due 2021 to B2 from B1 and $350 million in senior unsecured global notes due 2017 to B2 from B1.

Both ratings were placed on review for downgrade.

"The downgrade on ICA's ratings was based on the company's weaker than expected credit metrics, especially the very high leverage and modest interest coverage, as well as its weak liquidity, a profile that Moody's believes will not improve materially in the short or medium term," Moody's vice president and senior analyst Nymia Almeida said in a news release.

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