Fitch drops Macrotech Developers to B-

Fitch Ratings said it cut Macrotech Developers Ltd.’s long-term default rating to B- from B, citing weak liquidity.

The agency also cut the rating on $325 million of 12% senior bonds due 2020 to B- from B. The bonds were sold by Lodha Developers International Ltd. and guaranteed by Macrotech and certain subsidiaries. Macrotech was formerly called Lodha.

Both ratings are on ratings watch negative.

Fitch said Macrotech’s traditional sources of funding, non-bank financial institutions, have pulled back from lending and the bonds are coming due next year.

“MDL says it is in advanced stages of negotiations to secure sufficient funds to repay the bond and if the company is able to complete the refinancing, Fitch would consider removing the RWN,” said Fitch in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.