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Moody’s lowers Lodha Developers
Moody’s Investors Service said it downgraded the corporate family rating of Lodha Developers Pvt. Ltd. to B1 from Ba3.
Moody’s also said it downgraded the senior unsecured debt rating on the dollar-denominated bonds issued by Lodha Developers International Ltd. to B1 from Ba3.
The bonds are guaranteed by Lodha Developers, the agency said.
The outlook is negative.
The downgrades reflect an expectation that the company’s credit metrics will fail to improve to a level more appropriate for its ratings over the next 12- to 18-months, Moody’s said.
The company’s operating performance will remain well below original expectations when the ratings were assigned in November 2014 and also are below the reduced expectations assessed in June 2015, the agency said.
The negative outlook reflects a challenging operating environment for real estate companies in India and the company’s weak credit metrics and liquidity position, Moody’s said.
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