S&P assigns Empresas notes B

Standard & Poor's said it affirmed its B+ global scale and mxBBB national scale corporate credit ratings on Empresas ICA SAB de CV (ICA).

At the same time, the agency assigned its B issue-level rating on the company's proposed $500 million senior unsecured notes. The recovery rating of 5 on the notes, indicating expectation of modest (10% to 30%) recovery in the event of a payment default, remains unchanged.

The outlook is negative.

S&P said the ratings on ICA reflect its assessment of the company's "fair" business risk profile, "highly leveraged" financial risk profile, "less-than-adequate" liquidity and "satisfactory" management and governance.

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