8.65%. If the rating of the debentures is downgraded to AA- by any rating agency, the coupon rate will be increased by 0.25% for every notch of downgrade in the rating. If the rating of the debentures is downgraded to A+ by any rating agency, the coupon rate will be increased by 0.5% for every notch of downgrade in the rating.

Apollo Tyres Ltd.

Instruments with this rating are considered to have high degree of safety  regarding timely servicing of financial obligations. Such instruments carry  very low credit risk.