Mahanagar Telephone Nigam Limited — Credit Ratings, 20-02-2026: Credit Rating

India Ratings & Research (Ind-Ra) has maintained MTNL's INR 17,571 Cr Non-Convertible Debentures at IND AAA(CE) with Rating Watch with Negative Implications. This reflects ongoing concerns over MTNL's delays in adhering to the structured payment mechanism for these NCDs. While the Government of India ensures timely bondholder payments, Ind-Ra awaits clarity on future adherence to the payment process.