 "India Ratings cuts growth forecast for FY 2019-20 to 6-year low at 6.7%")
India Ratings (Ind-Ra) has downgraded ratings of Macrotech Developers Limited’s (MDL), earlier known as Lodha, debt instruments from “BBB-” to “BB” due to slower-than-expected progress on refinancing initiatives for US dollar-denominated bond maturing in March 2020 and timely refinancing of domestic term debt.
Timely creation of liquidity backup for the upcoming debt maturities in 2HFY20 and FY21 amid the funding challenges being faced by the sector remains the key rating monitorable. The rating action also factors in weaker-than-expected operating performance in domestic residential market during April-October 2019, Ind-Rsa said in a statement.
Meanwhile, Lodha group in statement said, "We have already made
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