MTNL : BONDS WORTH RS 6500 CR UPGRADED TO BWR AAA (CE)/STABLE

• Brickwork Ratings reviewed the rating of MTNL bonds aggregating ₹6,500 Cr (long term, SEBI) • Rating upgraded from BWR AA+ (CE) with Rating Watch Negative to BWR AAA (CE)/Stable; removed from Rating Watch and assigned outlook • Total ₹6,500 Cr across two BSE-listed bonds: ₹4,361.40 Cr at 7.05% maturing 11 Oct 2030 and ₹2,138.60 Cr at 6.85% maturing 20 Dec 2030 • Unsupported rating reaffirmed at BWR D • Ratings valid for twelve months from the letter dated 07 Oct 2026

Mahanagar Telephone Nigam Ltd

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