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.

Kogta Financial India Limited

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.