Improving ICA plans bond to fund tender

By Oliver West
15 May 2014

Bond investors are expecting Mexican construction company Empresas ICA to receive a strong response for a planned new bond after the company posted improved first quarter results.

Moody’s downgraded ICA to B2 in May 2013 and placed the B2 rating on negative outlook in September that year, while Standard & Poor’s has had the company’s B+ family rating on negative outlook since May 2013. S&P rates ICA’s senior unsecured debt B.

But ICA has “turned ...

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