Fitch affirmed its long-term issuer default rating on the Indian property developer Lodha Developers Ltd. at B, with a stable outlook.
The rating agency attributed the rating to the company's strong position in the market, supported by strong domestic sales and collections. The company's cash collection and property presales stood at 85.6 billion rupees and 81.3 billion rupees, respectively, for the fiscal year 2018.
Other factors that contributed to the rating include the company's comfortable position with regard to debt maturities, adequate liquidity, and its business operations in London. The company sold 22% of its London Grosvenor Square project over the May 2017 to March period and 42% of its Lincoln Square project over the period from April 2016 to March this year, raking in £398 million in the process.