mumbai a week after rating agency moodys investors service downgraded realty player lodha developers ldpl fitch ratings today assigned a negative outlook to the firm due to its weak operating performance in 201415 fitch however has affirmed the companys longterm foreigncurrency issuer default rating at b as well as b longterm rating and recovery rating of rr4 on the outstanding 200 million senior unsecured notes due in 2020 the outlook revision reflects weakerthanexpected operating performance in fy15 and that a rating downgrade is likely unless lodhas performance improves significantly over the next 12 months fitch said in a statement here today the companys annual presales of rs 7700 crore were 4 per cent lower than in fy14 and 13 per cent below the companys target of rs 9000 crore cash collections also fell short of expectations due to weaker demand and slower construction of some of its larger projects the agency said but the positive is the presales are showing an improving trend over 201415 as more of its large highend projects will close in the next 24 months it added the expectations for an improvement in performance are also supported by improving macroeconomic parameters driven by monetary easing earlier this year which has spurred bank retail lending lodha has a land bank of 25 million square metres one of the biggest with the land valued at over 10 billion by external valuers the company expects its current land bank to support development and sales over the next seven years