Ind-Ra upgrades ratings for Lodha Developers group company Macrotech

Macrotech Developers' leverage and sales are expected to improve from FY22, helping its outlook

India Ratings and Research (Ind-Ra) has upgraded the rating for Macrotech Developers Ltd’s (MDL) debt instruments from “BB” to “BBB”, reckoning the Lodha group company’s liquidity will improve.

Ind-Ra resolved the Rating Watch Negative (RWN) said the outlook is stable. The resolution of the RWN reflects the timely and successful refinancing of MDL’s London debt with longer maturities and a manageable domestic refinancing scenario.

The expectation of a further improvement in MDL’s liquidity position follows obtaining extensions on its domestic loans under the scheme for the date for commencement of commercial operations (DCCO). It also takes into account the likely