Mahanagar Telephone Nigam Limited — Credit Ratings, 18-12-2025: Credit Rating

CARE Ratings reaffirmed MTNL's bonds at CARE AAA (CE) with a Stable outlook, citing a strong Government of India guarantee. However, the long-term and short-term bank facilities, and unsupported rating, were reaffirmed at CARE D. This reflects ongoing delays in debt servicing for bank facilities and weak standalone financial performance, highlighting robust sovereign backing for bondholders despite operational challenges.