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ICA Tumbles as BofA Lowers Rating to Neutral: Mexico City Mover

Empresas ICA SAB, Mexico’s biggest construction company, fell the most in more than four months as Bank of America Corp. cut its rating to neutral on concern the builder faces higher taxes.

The shares declined 5 percent to 26.68 pesos today in Mexico City, the most since May 31. The benchmark IPC slipped 0.2 percent.

Legislation that Mexico’s lower house passed last week will probably boost ICA’s future cash taxes, Bank of America analysts Carlos Peyrelongue, Daniel Rojas Vielman and Alan Macias wrote today in an e-mail to clients.

The analysts cut their rating on ICA shares from buy. The company may face a new liability of 4.6 billion pesos ($354 million) based on “the expected reduction in deferred taxes related to tax payables from fiscal deconsolidation,” they wrote.

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