Moody’s cuts ICA

Moody’s cuts ICA

Mexico Bonds Loans Corporate & Sovereign Strategy M&A

Moody’s has downgraded Empresas ICA to C from Caa3 as a result of the Mexican construction firm filing a judicial restructuring request. The downgrade also applies to ICA’s $700m worth of 8.875% bonds and the $500m it has in 8.9% paper, Moody’s said in a report. Moody’s also said it would withdraw all ratings and outlooks associated with the construction company, as is typical for companies operating under the purview of bankruptcy courts. Earlier this month, ICA filed a judicial restructur

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