Wholly owned and overseen by the Australian government (AAA/Stable/A-1+), which also provides 100% of Defence Housing Australia's (DHA) funding Long-term service agreement, which also codifies obligations and risks, with DHA's major customer--the Department of Defence (Defence) More than half of revenue streams are relatively stable and predictable, and sourced from the Australian government, directly or indirectly A "very important" public policy role and "integral" link with the Australian government, resulting in an "extremely high" likelihood of receiving extraordinary support Risks associated with the success of the ongoing sale and leaseback of developed housing, and surplus property disposals to fund its capital program A highly geared balance sheet, primarily reflecting the inclusion of its off-balance-sheet liabilities The ratings on Defence Housing
