Mumbai: Moody’s Investors Service on Thursday downgraded the corporate family rating of Lodha Developers Pvt. Ltd (LDPL) as well as the senior unsecured debt rating of dollar denominated bonds issued by Lodha Developers International Ltd citing lower sales expectations and weak credit metrics. He said the company’s weak operating conditions would continue to pressure LDPL’s sales performance over the next 12-18 months. Moody’s said sales volumes in the Indian residential market decreased by more than 40% in the fourth quarter of 2016 compared to the same period in 2015. LDPL’s debt has continued to increase and stood at Rs133 billion (excluding pro rata debt for the London properties) at the end of fiscal 2016, it said.

Source: Mint January 26, 2017 15:29 UTC