Empresas ICA, S.A.B. de C.V. -- Moody's assigns B2 rating to ICA's new global notes

New York, May 20, 2014 -- Moody's Investors Service assigned a B2 rating to the up to USD600 million guaranteed senior unsecured notes due in 2019 proposed by Empresas ICA, S.A.B. de C.V. (ICA), and unconditionally and irrevocably guaranteed by CICASA (Constructoras ICA), CONOISA (Controladora de Operaciones de Infraestructuras) and CONEVISA (Controladora de Empresas de Vivienda), the principal operating subsidiaries of ICA. Joint ventures and project companies do not guarantee the notes. The net proceeds from the issuance will be primarily used to repay short term debt and to pay the tender offer for USD 150 million under its USD 350 million global notes due in 2017. The outlook is negative.

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