8.5%. If the rating of the issuer or 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 issuer or 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

Nirma 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.