9.75%. If the credit rating of the Debentures is downgraded from ICRA A Stable or the credit rating of the Issuer is downgraded from A by any rating agency, the coupon rate will be increased by 0.25% for each notch of downgrade. If the rating of the Debentures or the Issuer is upgraded by any rating agency, the coupon rate will be decreased by 0.25% for each notch of upgrade until it is restored to ICRA A Stable for the Debentures or A for the Issuer.

Muthoottu Mini Financiers Limited

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