Moody's: Empresas ICA view negative

Moody's Investors Service said it confirmed Empresas ICA, SAB de CV's corporate family and senior unsecured ratings at B2 and changed the outlook to negative.

Moody's said the negative outlook on ICA's ratings reflects the current weak operating performance at the construction business given the low number and aggregate peso amount of infrastructure projects sponsored by the Mexican government so far in 2013.

The negative outlook also takes into account Moody's belief that upcoming construction projects, when announced, will take some time to materialize in terms of cash inflows to ICA given the lengthy drafting and bidding process usually related to large infrastructure projects, the agency said.

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