Mahanagar Telephone Nigam Limited — Credit Ratings, 21-08-2025: Credit Rating

India Ratings (Ind-Ra) maintained MTNL's INR17571 Cr Non-convertible Debentures (NCDs) at IND AAA(CE) with Rating Watch Negative Implications. The watch continues due to MTNL's non-adherence to structured payment mechanisms, causing delays in Government of India (GoI) funding despite timely payments to bondholders. Ind-Ra is monitoring adherence for future stability.