MDL expects to secure another credit facility of around $195 million against the unsold inventory at Grosvenor Square, its second London project. However, documentation for this facility is currently in progress and will likely be completed over the next few weeks. Moody's in its rating rationale also said that these two facilities constitute the company's primary source to refinance the upcoming bonds. However, given that the facilities cannot be drawn down immediately, and remain subject to the fulfilment of certain conditions, liquidity risk remains elevated. "MDL's Caa1 CFR is primarily a reflection of its weak liquidity position," the rating agency said in its report. In August this year, Moody's had downgraded MDL's CFR to B3 from B2. At the same time, it had also downgraded the senior unsecured rating of the US dollar-denominated bonds issued by Lodha Developers International and guaranteed by MDL to B3 from B2.