Fitch Ratings has withdrawn the ratings on Macrotech Developers (formerly Lodha Developers) but has retained its existing rating CCC, which is junk or below investment grade.
Fitch has affirmed the long-term foreign currency issuer default rating on Macrotech at CCC and has also simultaneously withdrawn the ratings for commercial reasons, the agency said on Thursday.
'Fitch had undertaken rating for our USD bond maturing in March 2020 which was repaid in full. On repayment, we have asked them to discontinue the rating which has now been done. The repayment of our bond on time inspite of the most difficult market circumstances demonstrates how weak the rating rationale of such agencies is’. company spokesperson said.
The rating affirmation reflects the assessment that there are no material changes to its credit profile since the last rating action on March 13.Normally ratings are withdrawn if the issuer is not cooperating or ask for withdrawal.