S&P lowers Empresas ICA notes to B

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

At the same time, the agency lowered its issue-level rating on the company's senior unsecured notes due 2017 and 2021 to B from B+ and affirmed the 5 recovery rating.

The outlook is negative.

"The rating actions follow our reassessment of ICA's prospective financial performance for 2013 and 2014, in light of the delays in backlog execution, and debt increase at the holding company level to fund the completion of existing projects, which have reduced its financial flexibility and liquidity," said S&P credit analyst Luis Martinez Manuel said in a news release.

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