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MAHANAGAR TELEPHONE NIGAM LIMITED (A GOVERNMENT OF INDIA ENTERPRISE) CIN L32101DL1986GOI023501 Registered and Corporate Office: Mahanagar Doorsanchar Sadan 5th Floor, 9 CGO Complex, Lodhi Road, New Delhi - 110 003. Tel: 011-24319020, Fax: 011-24324243, Website: www.mtnl.in, Email: mtnlcsco@gmail.com MTNL/SECTT/SE/2026 October 08, 2026 To, To, BSE Limited, National Stock Exchange of India Limited (NSE) Phiroze Jeejeebhoy Towers, Dalal Street, Exchange Plaza, Plot No. C/1, G Block Bandra Kurla Fort, Mumbai – 400 001. Complex, Bandra (East), Mumbai – 400 051 Scrip Code: 500108 Scrip Symbol: MTNL SUB: COMPLIANCE OF REGULATION 30 & 51 OF SEBI (LODR) REGULATIONS, 2015 - DISCLOSURE OF EVENTS OR INFORMATION – REVIEW OF THE RATING OF BONDS AGGREGATING RS. 6500.00 CRS. (RUPEES SIX THOUSAND FIVE HUNDRED CRORES ONLY) OF MAHANAGAR TELEPHONE NIGAM LIMITED (MTNL) BY M/S BRICKWORK RATINGS INDIA PVT LIMITED - reg Dear Sir, In compliance of Regulation 30 & 51 of SEBI (LODR) Regulations, 2015, this is to inform you that M/s Brickwork Ratings India Pvt Limited vide its Letter No. BWR/NCD/MUM/CRC/NKR/0126/2026-27 dated 07.10.2026 has given Review of the Rating of Bonds aggregating Rs. 6500.00 Crores (Rupees Six Thousand Five Hundred Crores Only) of Mahanagar Telephone Nigam Limited (MTNL). Copy of aforesaid Letter is attached herewith. Kindly take the same on record. Thanking You Yours Faithfully, (RATAN MANI SUMIT) COMPANY SECRETARY BWR/NCD/MUM/CRC/NKR/0126/2026-27 07 Oct 2026 The Director - Finance Mahanagar Telephone Nigam Limited Khurshid Lal Bhawan, Janpath New Delhi - 110001 Dear Sir, Sub: Review of the rating of Bonds aggregating to Rs. 6500.00 Crs. (Rupees Six Thousand Five Hundred Crores Only) of Mahanagar Telephone Nigam Limited (MTNL). Ref: i) Your mandate dated 29 Aug 2020 ii) Our previous rating letter: BWR/NCD/MUM/CRC/NKR/0120/2025-26 dated 09 Oct 2025 On a review of Mahanagar Telephone Nigam Limited’s performance based on the information provided by you, and as available in public sources, we wish to inform you that the rating of Mahanagar Telephone Nigam Limited’s Bond Issues has been reviewed as follows: Amount (₹ crore) Rating Action & Outlook Instrument Tenure Previous Present Regulator Previous Present (09 Oct 2025) (07 Oct 2026) BWR AA+ (CE) BWR AAA (CE)/Stable Rating Watch with Removed from Rating Long Bonds 6500.00 6500.00 Negative Watch with Negative SEBI Term Implications/ Implications, assigned an Reaffirmation Outlook, and Upgraded Total 6500.00 6500.00 Rupees Six Thousand Five Hundred Crores Only Unsupported rating BWR D (Reaffirmation) Note: 1. Please refer to the BWR website www.brickworkratings.com for the definition of the ratings 2. Details of the Bonds are provided in Annexure-I Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Please note that the ratings are valid for twelve months from the date of this letter, subject to terms and conditions outlined in your mandate. Brickwork Rating’s standard disclaimer is appended below. Non-submission of the No Default Statement (NDS) on a monthly basis will result in publishing your company’s name on our website under “NDS not submitted”. Please note that on non-submission of NDS for consecutive 3 months or BWR's inability to validate your timely debt servicing through any other source, your rating will be migrated to Issuer Not Co-operative (INC) category within 5 working days from three consecutive months of non-submission of NDS. BWR may, in its judgement, migrate your rating to the INC category before the expiry of three consecutive months of non-receipt of NDS. The rating rationale issued by us in this regard is enclosed for your information. We are endorsing a copy of this letter along with a copy of the said rating Rationale to your Debenture Trustee for their information and records. We look forward to your continued cooperation in maintaining timely submissions for accurate surveillance. Regards, Niraj Kumar Rathi Senior Director - Ratings Brickwork Ratings India Pvt Ltd Note: Rating Rationale of all accepted Ratings are published on Brickwork Ratings website. All non-accepted ratings are also published on Brickwork Ratings website. Please refer to our website at www.brickworkratings.com. If you cannot view the rationale, inform us at media@brickworkratings.com. DISCLAIMER Nature of Ratings & Information: BWR ratings are opinions on the relative ability of an entity/instrument to meet its financial obligations and are based on information obtained from issuers and other sources believed to be reliable. BWR does not conduct audits, due diligence, or independent verification of such information and does not guarantee its accuracy, adequacy, or completeness. Ratings are current only as of the date of publication and may be revised based on new or unavailable information. No Advice or Recommendation: Ratings, reports, and related communications are not investment advice and do not constitute recommendations to buy, sell, or hold securities, or to sanction, renew, or disburse credit facilities. They do not represent offers or solicitations for any transaction. Users must rely on their own independent judgment and professional advice. Access to or use of these materials does not create any client relationship with BWR. 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Ratings are Page 2 of 3 subject to continuous surveillance and may be revised, suspended, or withdrawn at any time without notice. These reports are intended for use within India only. BWR operates under SEBI Regulations and Code of Conduct. For more information on policies and ratings, please visit our www.brickworkratings.com. Mahanagar Telephone Nigam Limited ANNEXURE I: Instrument Details Name of the Long Coupon Rating Instrument Term/ ISIN Date of Rate Maturity Amount Assigned Regulator / Facility Short Issuance (%) Date (₹ Cr) and Rating Term Outlook Bonds Long INE153A08089 12 Oct 2020 7.05% 11 Oct 2030 4361.40 BWR AAA Term (CE)/ SEBI Bonds INE153A08097 21 Dec 2020 6.85% 20 Dec 2030 2138.60 Stable Total 6500.00 Note: All the BWR-rated Bonds are listed on BSE Ltd. The coupon payment is semi-annual, and the principal repayment is a bullet payment for both bonds. Mahanagar Telephone Nigam Limited Annexure II The following documents/ information (as applicable) should be submitted to BWR: 1. Confirmation that the Company has fully complied with the term and conditions of the sanction letter 2. Certified copies of periodical Inventories, book debts, and bills receivable statements submitted to the bank. 3. Confirmation about payment of installment and interest upon payment. 4. Schedule of Term Loan installments and interest due, along with payments made to date. 5. Certified copies of Quarterly Information Statements (QIS) and Half Yearly Information Statements (HYIS) submitted to the bank. 6. Certified copies of Quarterly Financial Statements (QFS) for the current fiscal year 7. Certified copies of the Banks' Statements of Accounts every quarter. 8. Quarterly / Half- yearly financial statements (u [Showing first 8,000 characters — download PDF for full document]