Mahanagar Telephone Nigam Limited — Credit Ratings, 28-05-2026: Credit Rating

CRISIL Ratings maintains its 'Crisil AAA (CE) /Watch Negative' rating for MTNL's ₹6,500 Cr Bonds and ₹20 Cr NCDs. The 'Watch Negative' continues due to past non-adherence to payment timelines for government-guaranteed bonds. While the government consistently funds by the T-3 trigger date, CRISIL awaits MTNL's plan for sustained adherence to the structured payment mechanism to resolve the watch.