Moody’s cuts, will withdraw Empresas ICA

Moody's Investors Service said it downgraded Empresas ICA, SAB de CV's corporate family rating and senior unsecured ratings on its rated guaranteed global notes to C from Caa3 as a result of ICA's filing of a judicial restructuring request.

Following the actions, the agency will withdraw all ratings and the rating outlook of ICA, consistent with its practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes very limited.

Moody’s said the downgrade follows the company's Aug. 25 announcement that it filed a judicial restructuring request with a pre-packaged restructuring plan approved by the majority of its debt holders under the Mexican law of Concursos Mercantiles.

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