Mahanagar Telephone Nigam Limited — Credit Ratings, 10-10-2025: Credit Rating

Brickwork Ratings (BWR) reaffirms MTNL's Rs. 6500 Cr bonds at BWR AA+ (CE), but maintains a Rating Watch with Negative Implications. The 'CE' rating hinges on the Government of India's (GoI) guarantee, which is frequently invoked due to MTNL's repeated inability to fund coupon payments. GoI's consistent funding post-invocation ensures timely debt servicing despite MTNL's weak financial profile and NPA classification.