Mahanagar Telephone Nigam Limited — Credit Ratings, 27-02-2026: Credit Rating

CRISIL Ratings maintains its 'Crisil AAA (CE)' rating on Mahanagar Telephone Nigam Ltd's Rs 6500 Cr Bonds & Rs 20 Cr NCDs, keeping the 'Watch Negative' outlook. This reflects past payment mechanism breaches for government-guaranteed debt, despite timely bond payments. While the government consistently steps in to ensure timely funding by the final deadline, MTNL faces ongoing liquidity pressure. The rating's strength relies on the unconditional government guarantee.