Moody’s might cut Lodha

Moody's Investors Service said it placed Lodha Developers Pvt. Ltd.’s (LDPL) B2 corporate family rating on review for downgrade.

The agency also placed the B2 backed senior unsecured debt rating of the dollar-denominated bonds issued by Lodha Developers International Ltd. and guaranteed by LDPL on review for downgrade.

"The review follows the consent solicitation by LDPL from the bondholders in relation to the waiver of breach of restricted payment covenant on the bonds due in 2020, amendments to the indenture, as well as a proposed reorganization in which properties located in London will become part of the restricted group," Moody's assistant vice president and analyst Saranga Ranasinghe said in a news release.

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