Moody's downgraded its corporate family rating of India-based Macrotech Developers Ltd., formerly known as Lodha Developers Ltd., to B3 from B2, with a negative outlook.
The rating agency also downgraded its senior unsecured rating on Macrotech unit Lodha Developers International Ltd. to B3 from B2.
The Indian real estate developer's downgrade indicates increased liquidity risk due to its insufficient progress in refinancing its upcoming debt maturities. Macrotech has a £250 million construction loan, maturing in December, linked to the Lincoln Square project in London; US$324 million in bonds maturing in March 2020; and £517 million worth of construction loans maturing in March 2021.
The negative outlook reflects uncertainties related to the refinancing of the developer's imminent debt maturities.
