Mahanagar Telephone Nigam Limited — Credit Ratings, 03-09-2025: Credit Rating

Crisil Ratings continues MTNL's `Crisil AAA (CE)` rating for Rs 6,500 Cr Bonds and Rs 20 Cr NCDs, maintaining a 'Watch Negative' outlook. The watch is due to past payment mechanism delays for government-guaranteed bonds, despite recent adherence. MTNL's loan also slipped to NPA, but guaranteed bond servicing is supported by strong government backing.