MTNL bonds upgraded to AAA with stable outlook by Brickwork
MTNL · price
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Brickwork Ratings upgraded MTNL's 6,500 crore bonds from AA+ (CE) under negative watch to AAA (CE) with stable outlook. The upgrade reflects the Government of India sovereign guarantee and structured payment mechanism working well. Since August 2026, MTNL has serviced coupons without government guarantee invocation, aided by asset monetisation of Rs 419 cr in FY26. Mumbai land sale of Rs 891 cr approved. However, standalone finances remain weak with net worth fully eroded (negative 30,899 cr) and bank loans of seven lenders classified as NPAs.
Bond upgrade to AAA improves debt market access; GoI guarantee protects bondholders though bank loan NPAs and eroded net worth remain concerns.