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S&P lowers Empresas ICA
Standard & Poor's said it revised its long-term corporate credit rating on Empresas ICA SA de CV to BB- from B.
The ratings were removed from CreditWatch positive, where they were placed on April 7, the agency said.
The outlook is stable.
S&P noted that the rating action follows a review of the company's operating and financial prospects, adding that the group's operating and financial performance has been above its expectations.
According to the agency, the ratings assigned to the company consider its position as the largest engineering, construction and procurement concern in Mexico as well as the group's investments in concessions, particularly airports.
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