Mahanagar Telephone Nigam Limited 7.8% 2033 Bond

What the rating means

AAAmost conservative current agency grade

Each rung groups an agency grade's +/- notches: “AA”, for example, covers AA+, AA and AA-. AAA, C and D are single grades.

AAA is the highest rating an Indian agency assigns. It signals the strongest assessed capacity to pay interest and principal on time: the agency sees the risk of default as the lowest it recognises. Ratings are agency opinions that can change over time, and a rating is not a guarantee of repayment.

Disclosed rating string: IND AAA(CE)/No Outlook;CARE AAA(CE)/Stable

This describes the bond's credit rating only. Interest-rate, liquidity and reinvestment risks are covered in “Before you act”.