India Ratings & Research (Ind-Ra) is closely monitoring the financial situation of state-owned Mahanagar Telecom Nigam Limited (MTNL) after it failed to transfer sufficient funds to an escrow account for bond interest payments. This breach is deemed a default event, triggering a possible government guarantee invocation. MTNL issued bonds in July 2023, raising Rs 2,480 crore at 7.59% interest. Due to insufficient funds, MTNL couldn’t fund the escrow account as required. Ind-Ra and CRISIL Ratings have downgraded MTNL’s unsupported ratings due to its deteriorating financial performance and delayed debt servicing.
Dollar hovers ahead of PCE and tariff onslaught
The dollar is heading for a steady week and next week’s quarterly loss due to concerns over tariffs slowing U.S. growth, affecting yields, stocks, and
March 28, 2025