Care Ratings has downgraded all outstanding borrowings of Dewan Housing Finance (DHFL), amounting to more than ₹1 lakh crore to 'default' grade. The rating agency's action came after the non-bank lender missed interest payments on non-convertible debentures on Tuesday. DHFL said the downgrades are not justified adding that it has repaid close to ₹40,000 crore since September last year.