The downgrade reflects Lodha’s inability to reduce its leverage, as measured by net debt or adjusted inventory, to a level appropriate for its previous rating. Fitch has also downgraded the long-term rating on Lodha’s $200 Mn senior unsecured notes due in 2020 to ‘B’ from ‘B+’. The company’s leverage had increased to 80% by December 31 last year from 76% at March 31, 2015.

Fitch Ratings downgrade Lodha Developers

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