Moody’s lowers Macrotech Developers

Moody’s Investors Service said it lowered the ratings on Macrotech Developers Ltd. and on the backed senior unsecured rating of the dollar-denominated bonds issued by Lodha Developers International Ltd. and guaranteed by MDL to Caa1 from B3.

“The downgrade to Caa1 reflects the continued uncertainty with respect to the refinancing of MDL’s upcoming debt maturities. While the company has made some progress in its refinancing efforts, its measures to date do not completely alleviate the significant refinancing risks,” said Sweta Patodia, Moody’s lead analyst for Macrotech, in a press release.

The outlook is negative.

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