9.3%. If the credit rating of the Debentures is downgraded from ICRA A Stable or the credit rating of the Issuer is downgraded from A by any rating agency, the coupon rate will be increased by 0.25% for each notch of downgrade. If the rating of the Debentures or the Issuer is upgraded by any rating agency, the coupon rate will be decreased by 0.25% for each notch of upgrade until it is restored to ICRA A Stable for the Debentures or A for the Issuer.