8.1%. If the credit rating of the Debentures is downgraded below AA by CARE Ratings, the coupon rate will be increased by 0.25% for every notch of downgrade. There will be no step-up in case the rating falls from AA+ to AA. If the rating is subsequently upgraded by the same rating agency, the coupon rate will be decreased by 0.25% for every notch of upgrade.

TVS Holdings Ltd

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.

Credit rating

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