8.8%. If the rating of the debentures is downgraded by any rating agency to AA-, the coupon rate will be increased by 0.5%. If the rating of the debentures is downgraded by any rating agency below AA-, the coupon rate will be increased by 0.25% for each notch of downgrade. If the rating of the debentures is upgraded by any rating agency, the coupon rate will be decreased by 0.25% for each notch of upgrade in the rating.

Adani Ports and Special Economic Zone Limited

Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.