Moody's lowers Macrotech Developers' rating again, this time to Caa1

Global rating firm Moody's Investors Service has  downgraded the corporate family rating (CFR) of Macrotech Developers (earlier known as Lodha) to Caa1, from B3. A rating of Caa1 is given to entities with high credit risk.

The earlier B3 rating was itself a downgrade, by Moody's this August, and indicating hightened credit risk. On Tuesday, Moody's also downgraded  the backed senior unsecured rating of the  dollar-denominated bonds issued by Lodha Developers International  and guaranteed by Macrotech, to Caa1 from B3.

"The downgrade to Caa1 reflects continued uncertainty with respect to the refinancing of Macrotech's upcoming debt maturities," says Sweta Patodia, a Moody's