Moody's upgrades Lodha group's Macrotech Developers to B3; outlook positive

Move follows reduction in debt, improvement in performance

Rating agency Moody's on Tuesday upgraded Lodha group unit Macrotech Developers Ltd (MDL)'s corporate family rating, or CFR, from “Caa1” to “B3”, following an improvement in the company's credit profile due to debt reduction and a strong recovery in operating performance.

The outlook on the ratings is positive.

There was a strong recovery in the company's operating performance both at India and London following the easing of pandemic-related restrictions," said Sweta Patodia, a Moody's Analyst.

The positive outlook reflects the assessment that MDL's credit profile could improve further once the company raises additional equity, which would strengthen its liquidity. The