S&P changes Empresas to negative

Standard & Poor's said it revised its outlook on Empresas ICA SAB de CV to negative from stable and affirmed the B global scale and mxBBB- national scale corporate credit ratings.

The agency also affirmed the B- issue-level rating on the company's senior unsecured notes. The recovery rating of 5, indicating expectation of modest recovery (in the 10%-30% band, on the lower end of the range) in the event of a payment default, remains unchanged.

S&P said the outlook revision reflects its view that Empresas ICA's financial performance in 2015 and 2016, in light of the delays in backlog execution and depreciation of the Mexican peso, could further weaken the company's EBITDA generation, capital structure and deterioration of its liquidity.

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