Moody's upgrades Macrotech

Moody's Investors Service said it upgraded to B3 from Caa1 the corporate family rating of Macrotech Developers Ltd. and the backed senior secured rating of Lodha Developers International Ltd.'s dollar-denominated bonds that are guaranteed by MDL.

"The upgrade of MDL's ratings to B3 from Caa1 reflects an improvement in the company's credit profile as a result of debt reduction measures by the management, as well as a strong recovery in the company's operating performance both at India and London following the easing of pandemic-related restrictions," said Sweta Patodia, a Moody's analyst, in a press release.

The outlook is positive.

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