Moody's cuts Mumbai Trump Tower builder's rating over debt obligation

A Trump Tower developer in Mumbai, India’s financial hub, has been cut by Moody’s Investors Service further into junk, reflecting deepening problems for the country’s real estate sector.

Macrotech Developers, earlier known as Lodha Developers, has been cut by one step to Caa1, which indicates that the firm’s debt obligation is subject to very high credit risk. The company’s $325 million bonds mature in March next year.

“While the company has made some progress in its refinancing efforts, its measures to date do not completely alleviate the significant refinancing risks,” said Sweta Patodia, a Moody’s analyst.

Indian property companies, which