CRISIL downgraded its rating on Mahindra & Mahindra Ltd's (M&M's) long-term bank facilities to 'AA/Negative' from 'AA+/Negative', and has reaffirmed its rating on the Company's commercial paper and short-term bank facilities at 'P1+'. The rating on the Company's Non-convertible Debentures has been withdrawn, as the instruments have been redeemed.