MTNLMahanagar Telephone Nigam Limited
MTNL’s ₹6,500 crore bonds upgraded by Brickwork to BWR AAA (CE)/Stable from AA+ (CE) on watch
- Credit rating
- Telecommunication - Services
Mahanagar Telephone Nigam Limited has told the exchanges on 8 Oct 2026 that Brickwork Ratings, by a letter dated 7 Oct 2026, reviewed the rating on its bonds aggregating ₹6,500 crore. The rating is now BWR AAA (CE)/Stable, upgraded from BWR AA+ (CE), which was on Rating Watch with Negative Implications, and the watch has been removed.
The letter also records an unsupported rating of BWR D, which was reaffirmed. The disclosure was made under Regulations 30 and 51 of the SEBI listing rules, and the previous rating letter was dated 9 Oct 2025.
Inference
The upgrade removes the negative watch and lifts the rating two notches, from AA+ to AAA. The filing also shows an unsupported rating of BWR D alongside the (CE) rating, so the two ratings differ sharply, and the part of the filing reviewed here does not explain the difference.
Reference: Original filing (PDF)
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