10%. If the credit rating of the Debentures is downgraded from ICRA BBB+ or the credit rating of the Company is downgraded from BBB+, the coupon rate will be increased by 0.25% for each notch of downgrade. If the rating of the Debentures or the Company is upgraded, the coupon rate will be decreased by 0.25% for each notch of upgrade until it is restored to ICRA BBB+ for the Debentures or BBB+ for the Company.

Progfin Private Limited

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

Credit rating

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