8.58%. If the rating of the debentures is downgraded by any rating agency to AA, the coupon rate will be increased by 0.13% for every notch of downgrade in the rating till AA. If the rating of the debentures is upgraded by any rating agency, the coupon rate will be decreased by 0.13% for each notch of upgrade in the rating until it is restored. If the rating of the debentures is downgraded by any rating agency below AA-, the coupon rate will be increased by 0.25% for every notch of downgrade in the rating till A+. 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 till AA-. If the rating of the debentures is downgraded by any rating agency below A+, the coupon rate will be increased by 0.5% for every notch of downgrade. If the rating of the debentures is upgraded by any rating agency, the coupon rate will be decreased by 0.5% for each notch of upgrade in the rating till A+. If the rating of the debentures is upgraded by any rating agency to AAA, the coupon rate will be decreased by 0.37%. If the rating of the debentures is downgraded by any rating agency below AAA, the coupon rate will be increased by 0.37% for every notch of downgrade till AA+.

GMR Hyderabad International Airport Limited

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.