8.75%. If the credit rating of the Debentures or Issuer is downgraded, the coupon rate will be increased by 0.25% for each notch of downgrade. If the rating is upgraded, the coupon rate will be decreased by 0.25% for each notch of upgrade. If the credit rating is upgraded above the initial rating, the coupon rate will be decreased by 0.10% for each notch of upgrade. If subsequently downgraded, the coupon rate will be increased by 0.10% for each notch of downgrade until restored to the initial rating.