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 with additional operating stability and is a key factor in determining DHA's "strong" competitive advantage. DHA's "strong" business risk profile is contingent on its ownership and interaction with the Commonwealth of Australia and its strategic importance with Defence. Strong liquidity, with credit lines and borrowings provided by the Australian government. A highly geared balance sheet, primarily reflecting the inclusion of its off-balance-sheet liabilities. Risks associated with the success of the ongoing sale and leaseback (SLB) of developed housing, and surplus property disposals to fund
