Credit Analysis & Research (CARE) assigned 'AA+' ratings to Dewan Housing Finance Corporation's (DHFL) non convertible debentures of Rs 20 billion.

The rating factors in DHFL's long-standing track record in housing finance business & expertise in catering to middle and lower-middle class segment, proactive management, comfortable capital adequacy with demonstrated capital raising ability & comfortable profitability parameters.

The rating is however constrained by DHFL’s exposure to low and middle income segment which is more vulnerable to asset quality shocks in times of stress. DHFL's capitalization levels, asset quality and liquidity profile are its key rating sensitivities.

Shares of the company declined Rs 6.85, or 3.15%, to settle at Rs 210.60. The total volume of shares traded was 106,441 at the BSE (Thursday).