9.25%. If the credit rating of the Debentures is downgraded from ICRA A (Stable) or the credit rating of the Company is downgraded from its current rating, the coupon rate will be increased by 0.50% for each notch of downgrade. If the rating of the Debentures or the Company is upgraded, the coupon rate will be decreased by 0.50% for each notch of upgrade until it is restored to ICRA A (Stable) for the Debentures or the initial Company Rating.