Performance sensitive debt (PSD) is a type of debt covenant that links coupon payments to credit risk. A common type of provision in performance sensitive debt is a step-up provision, which states that the coupon paid by the issuer will increase if the issuer's credit risk increases. Step-up provisions can be linked to either credit ratings (a rating trigger") or financial ratios (a ratio trigger). Assume that you hold a bond that includes a rating trigger. Based on your knowledge of credit risk, describe what is likely to happen to the coupon payment if the issuer experiences a rating downgrade. Justify why. (Assume no other changes in credit risk and that the bond has no other covenants or embedded options.)