Credit rating agency, CARE has reaffirmed ‘AAA (SO)’ rating to Mahanagar Telephone Nigam’s Non Convertible Debentures (NCD) worth Rs 3000 crore. The rating assigned to the aforesaid Non-Convertible Debenture (NCD) issue of Mahanagar Telephone Nigam (MTNL) continues to be based on the credit enhancement in the form of an unconditional and irrevocable guarantee of Government of India (GoI), supported by a structured payment mechanism.
MTNL was set up by the Government of India to upgrade the quality of telecom services, expand the telecom network, and introduce new services and to raise revenue for telecom development needs of India's key metros -- Delhi and Mumbai.
