Moody’s Cuts ICA

Moody’s has cut Empresas ICA’s ratings to B2 from B1 and also put the ratings on review, citing debt and liquidity concerns. “Moody’s had expected that by the end of June 2013, at the latest, ICA’s leverage would have been lower than the prior year’s level,” says Moody’s in a note. However, it increased during the first quarter, it says. The agency calls its liquidity risk “high,” citing MXP9bn ($729m) cash as of March 31, versus MXP12.4bn in debt maturities coming in the next 12 months. The rating is under review for further downgrade.