7.75%. If the rating of the issuer is downgraded to AA by any rating agency, the coupon rate will be increased by 0.5%. If the rating of the issuer is further downgraded to AA-, the coupon rate will be increased by 0.25%. If the rating of the issuer is downgraded below A+, the coupon rate will be further increased by 0.5% for every notch of downgrade. If the rating of the issuer is upgraded by any rating agency, the coupon rate will decreased accordingly until the original coupon rate is restored.

Tata Communications Limited

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.

Credit rating