7.6%. If the credit rating of the Debentures is downgraded below AA- by any rating agency, the coupon rate will be increased by 0.25% for each notch of downgrade. If the credit rating of the Debentures 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 AA-.

Rashtriya Chemicals and Fertilizers 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.