Rating downgrade by Moody's shows liquidity crunch at Lodha Developers

Global rating firm Moody’s Investors Services on Friday downgraded Macrotech Developers’ (earlier Lodha Developers) corporate family ratings to B3 with a negative outlook on them.

Moody’s assigns its B3 rating for obligations that are considered speculative and subject to high credit risk. “The downgrade reflects heightened liquidity risk at Macrotech, because of the company's lack of sufficient progress in refinancing its upcoming debt maturities,” says Sweta Patodia, an analyst with Moody's.

Moody’s said the negative outlook reflected uncertainty over the refinancing of Macrotech’s upcoming debt maturities. 

Macrotech's credit profile is constrained by its weak liquidity position. The ratings also incorporate