7.94%. If the rating of the debentures is downgraded by any rating agency, the coupon rate will be increased by 0.25% for every notch of downgrade in the rating. If the rating of the debentures is upgraded by any rating agency, the coupon rate will be decreased by 0.25% for each notch of upgrade in the rating until the initial rating is restored. The coupon rate can be revised downward subject to the achievement of sustainability targets.

Mindspace Business Parks REIT

Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.