11.75%. If the credit rating of the Debentures is downgraded from CRISIL BBB Stable or the credit rating of the Company is downgraded from BBB, the coupon rate will be increased by 0.25% for a downgrade to BBB- and by an additional 0.50% for each notch below BBB-. 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 BBB and by 0.50% for each notch thereafter until it is restored to CRISIL BBB Stable for the Debentures or BBB for the Company.