Mahanagar Telephone Nigam Limited — Credit Ratings, 29-11-2025: Credit Rating

Crisil Ratings maintains Mahanagar Telephone Nigam Ltd (MTNL) Bonds and NCDs at 'Crisil AAA (CE)' with a 'Watch Negative' outlook. The negative watch continues due to past non-adherence to structured payment mechanisms for government-guaranteed bonds, though payments to investors were timely. Crisil notes recent adherence improvements and monitors future compliance, which could resolve or trigger a downgrade. The rating remains supported by the unconditional Government of India guarantee.