9.9%. If the rating of issuer or debentures is downgraded by any rating agency licensed by SEBI, the coupon rate will be increased by 0.25% for each notch of downgrade in the rating. If the rating of issuer or debentures is upgraded by any rating agency licensed by SEBI, the coupon rate will be increased by 0.25% for each notch of downgrade in the rating until the rating is restored. If neither the Put Option nor the Call Option is exercised, the coupon rate will be increased by 0.4415%.