| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Empresas ICA SAB de CV > News item |
Moody’s drops Empresas ICA, notes to Caa3
Moody's Investors Service said it downgraded the corporate family rating and the senior unsecured ratings of Empresas ICA SAB de CV to Caa3 from B3.
The outlook is negative.
The following debt instruments were also affected: $700 million senior unsecured global notes due 2024, $500 million senior unsecured global notes due 2021 and $150 million in senior unsecured global notes due 2017.
Moody’s said the downgrade reflects the company’s Nov. 29 announcement that it entered into the 30-day grace period with respect to the roughly $31 million interest payment on its 8 7/8% senior notes due 2024. The use of the 30-day grace period does not constitute an event of default in itself. However, it reflects the precarious liquidity of the company and is a likely precursor to more formal refinancing process or distressed exchange.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.