Standard&Poor's Ratings Services' issuer rating on Defence Housing Australia (DHA) is derived from: Our anchor of 'bbb', which is based on our "strong" business risk and "significant" financial risk profile assessments for the company. No modifiers affect our anchor. Our view of an "extremely high" likelihood of DHA receiving extraordinary support from the Australian government because of its "very important" public policy role and "integral" link with the government. As a result, these factors support the 'AA+' long-term issuer rating on DHA. Long-term service agreement, which also codifies DHA's obligations and risks with its major customer and owner--the Department of Defence (Defence) The service agreement with a highly rated counterparty (Commonwealth of Australia; unsolicited ratings AAA/Stable/A-1+) provides DHA
