Moody’s cuts Macrotech

Moody's Investors Service said it cut the rating for Macrotech Developers Ltd., formerly known as Lodha Developers Ltd., to B3 from B2.

The agency also downgraded the company’s senior unsecured rating to B3 from B2.

The outlook is negative.

“The downgrade reflects heightened liquidity risk at MDL, because of the company's lack of sufficient progress in refinancing its upcoming debt maturities,” said Sweta Patodia, a Moody's analyst, in a press release.

One of its lenders has given its refinancing terms for Macrotech’s dollar-denominated bonds, but the loan pact is subject to finalizing the terms and due diligence.

“As such, even though the company has made progress on its refinancing efforts, it needs to progress further to mitigate the near-term liquidity risk,” Moody’s said.

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