The rating benefits from ICA's status as the largest construction company in Mexico, with investments in road, airport and water concessions. The company's infrastructure division contributes 47% of Ebitda, the agency said in a research note.
S&P also referred to ICA's "dependence on the Mexican government and private sector infrastructure spending to sustain its backlog," but confirmed the infrastructure sector as a whole is improving.
The construction company has a stable outlook given expected improvement in financial ratios during 2012 and the ability to maintain adequate liquidity.
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