9.45%. If the rating of the Debentures is downgraded up to 2 notches below the initial rating or the rating of the Issuer is downgraded up to 2 notches below the Company Rating, the coupon rate will be increased by 0.25% for each notch of downgrade. If downgraded more than 2 notches below the initial rating (i.e., below A-), the coupon rate will be increased by 5% for each additional notch of downgrade. If the rating of the Debentures or the Issuer is upgraded by the same rating agency, the coupon rate will be decreased by 5% for each notch of upgrade until A- and by 0.25% for each notch of upgrade thereafter until restored to the initial rating.