The review was prompted by a significant increase in consolidated debt leverage and generally tight liquidity, Moody's said in a report.
"A larger than forecast debt burden has reduced ICA's funding capacity and has increased the financial cost of the projects," the ratings agency said.
ICA recently entered into two new concessions that will require an additional 8.3bn pesos (US$667mn). The company would probably support the debt "given its high margin and long-term profile," the ratings agency added.
The rating review will focus on the firm's ability to reduce leverage in the medium term, its intermediate term business projects and its ability to strengthen its liquidity profile.
ICA builds and operates airports, highways, bridges and tunnels, as well as water supply and solid waste disposal systems. The company also operates in the real estate sector.