Moody's upgrades Macrotech

Moody's Investors Service said it upgraded to B2 from B3 the corporate family rating of Macrotech Developers Ltd. and the backed senior secured rating of Lodha Developers International Ltd.'s dollar-denominated bonds, which MDL guarantees.

On Monday, MDL prepaid $170 million of its $225 million of bonds due 2023. It plans to repay the remainder by June.

"The upgrade of MDL's ratings to B2 from B3 reflects the company's improved liquidity following the partial prepayment of its $225 million backed senior secured bonds due in 2023, as well as a continued recovery in operating performance both at India and London," said Sweta Patodia, a Moody's analyst, in a press release.

The outlook remains positive.

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