Credit Rating

A downgrade raises the interest rate on refinancing and can trip covenants tied to the rating, so it costs cash even when nothing else changes.

• The rationale the agency published
• Facilities coming up for refinancing
• Whether the outlook is negative or stable
• October has been slightly lower, but we are confident that we will be doing higher numbers as we go into Novem (management committed by Q3 FY26)
• if this industry gets for the next two, three years on the base that we are talking about, it would be a reaso (management committed by FY27)