Mexico's ICA shares briefly fall nearly 10 pct
MEXICO CITY Dec 7 (Reuters) - Shares in Mexican construction firm ICA continued their slide for a second week, briefly falling nearly 10 percent in early trading on Monday before paring losses.
ICA was down 6.6 percent in volatile trading to 3.71 pesos at 9 a.m. local time, a week after the firm announced it would take a 30-day grace period on some bonds after failing to pay a $31 million coupon.
The news prompted both Moody's and Standard and Poor's ratings agencies to downgrade ICA's debt rating further down the junk category last week, citing a high probability the company wouldn't make the payment within the 30 days.
(Reporting by Anna Yukhananov, additional reporting by Miguel Gutierrez)
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