The rating action follows the completion of MDL's initial public offering (IPO) and listing on the stock exchange on 19 April. The management is currently in the process of identifying specific tranches of debt that will be repaid from the IPO proceeds. “A virus resurgence in India, especially in MDL's main operating market Maharashtra, has led to fresh lockdowns in the region. MDL's operating performance in London also continues to be subdued because of pandemic-related disruptions," the Moody’s note said. However, a sharp decline in MDL's operating performance, which may result from a prolonged economic lockdown in India, could constrain its rating.

Source: Mint April 23, 2021 13:07 UTC