Moody’s changes Lodha Developers to negative

Moody's Investors Service said it affirmed the Ba3 corporate family ratings of Lodha Developers Private Ltd. (LDPL) and the Ba3 rating of the dollar-denominated bonds issued by Lodha Developers International Ltd. and guaranteed by LDPL.

The outlook was changed to negative from stable.

“The change in outlook reflects the company's weaker-than-expected cash collection for fiscal year ended 31 March 2015 (FY2015), which makes it less likely that LDPL will improve its credit metrics to a ratings-appropriate level by FY2017,” Moody's vice president and senior credit officer Vikas Halan said in a news release.

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