Hit hard by Mexican government budget cutbacks in infrastructure projects, Empresas ICA, Mexico’s largest builder, missed the deadline to begin construction on a Mex. Pesos 17.7-billion (US$1 billion) water supply aqueduct in Nuevo León state by the end of September and launched a program to monetize US$500 million of assets to reduce debt.

Though ICA sold Mex. pesos 1.915 billion (US$115 million) worth of assets in the third quarter, including a 2.9% stake in airport group, Grupo Aeroportuario del Centro Norte, the company’s net debt grew by 9% to Mexican pesos 51.1 billion (US$3.0 billion), partly due to the sinking value of the peso.