Government ownership and oversight with 100% of borrowings sourced from the Australian government Relatively stable and predictable revenue streams for about half of its revenue base Long-term agreement that codifies risks and service provision with Defence Housing Australia's major customer, the Department of Defence (Defence) Exposure to residential property market A capital program which relies on the success of the ongoing sale and leaseback investment product and surplus property disposals The ratings on DHA reflect the Australian government's ownership and oversight of DHA (from which it sources 100% of its borrowings), its relatively stable and predictable revenue streams and DHA's key support role for Defence. Considering the size of DHA's operating leases, its budgetary performance is slightly weaker than that
