| 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 |
S&P: Empresas ICA in default
Standard & Poor’s said it lowered the global scale rating on Empresas ICA SAB de CV to D (default) from CC and its national scale rating to D from mxCC.
The agency also said it lowered the issue-level ratings to D from C.
The 5 recovery rating on the company’s senior unsecured notes due 2017, 2021 and 2024 is unchanged, indicating 10% to 30% expected default recovery.
The ratings were removed from CreditWatch with negative implications, S&P added.
The D ratings reflect Empresas ICA’s decision that it will not make the $31 million interest payment that was due Nov. 30 on its 8 7/8% senior notes due 2024, prior to expiration of the grace period Dec. 29, the agency said.
The default will be a general default and the company will fail to pay all or substantially all of its obligations as they come due, S&P said.
The agency said the company is working on a restructuring plan and has begun the process of engaging with its creditors and other stakeholders. The company expects that the initial restructuring plan will be finalized by mid-February 2016, S&P said.
© 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.