CARE Ratings on Wednesday downgraded long-term debt worth Rs 1.13 lakh crore of Dewan Housing Finance Corporation (DHFL) prompted by the delay in bringing on board strategic investors. The announcement was to have been made before the end of April. The ratings agency revised the ratings to BBB- with negative implications from A\/A- for various debt instruments amounting to a total of Rs 1.13 lakh crore. The agency said the management had indicated it was still in the process of shortlisting an investor. On Tuesday, Icra had said payouts by the NBFC were delayed despite funds being available in some instances. Earlier on Monday, Crisil had observed that DHFL's liquidity levels are deteriorating because of further delays in fund-raising from the sell down of project finance loans and lower inflows from securitisation of non-housing loans. Late Monday evening, Crisil lowered its rating on DHFL commercial papers (CPs) worth `850 crore to A4+ from A3+. On Tuesday, Icra carried out a fresh round of downgrades, lowering its rating on purchaser payouts and pass-through certificates (PTCs) issued under six mortgage loan securitisation transactions worth `630 crore.