Moody's Investor Services changed the outlook on Lodha Developers Ltd. to ‘negative' from ‘stable' as the property developer lacks liquidity ahead of a scheduled debt repayment.
“The rationale behind this outlook is pretty much driven by the weakening in its liquidity profile and this is because of weaker-than-expected operating sales, Saranga Ranasinghe, assistant vice president and analyst with Moody's told BloombergQuint. The change in the outlook, he said, is because of the delay in their asset sales that they have identified to address the refinancing for the upcoming debt maturity.
Lodha has a £290 million loan payment due in December 2019, bonds worth £324 million maturing in March 2020 and a £517 million loan maturing in March 2021, according to a Bloomberg report.
Moody's also affirmed the ‘B2' senior unsecured rating of the U.S. dollar-denominated bonds issued by Lodha Developers International Ltd.
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