MTNL Bonds Rating Reaffirmed at BWR AA+ (CE) with Negative Implications
Brickwork Ratings reaffirms MTNL's ₹6,500 Cr bonds at BWR AA+ (CE) with negative implications due to non-funding of TRA and reliance on Govt of India guarantee.
The reaffirmation of the rating with negative implications suggests continued concern about MTNL's ability to meet its financial obligations independently.
The rating watch with negative implications and reaffirmation of unsupported rating BWR D indicates financial stress and reliance on government support.
* Brickwork Ratings India Pvt Ltd reaffirms the rating of MTNL's bonds aggregating to ₹6,500 crore. * The rating is BWR AA+ (CE), placed under 'Rating Watch with Negative Implications'. * The rating factors in MTNL’s credit profile based on FY25 and Q1FY26 financial and operational performance. * The rating also considers repeated occurrences of non-funding of the designated Trust & Retention Account (TRA) by the company for scheduled coupon payments, leading to invocation of the Government of India guarantee. * The company has been unable to fund the escrow account for the scheduled coupon payment of BWR-rated Bond of ISIN INE153A08089 for 12 Oct 2025. * Unsupported rating BWR D is reaffirmed. * The bonds are listed on BSE.
What to do with a filing like this
Mahanagar Telephone Nigam Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Mahanagar Telephone Nigam Limited. Read the original for the full detail.