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). A capital program that relies on the success of the ongoing sale and leaseback investment products and surplus property disposals A highly geared balance sheet The ratings on Defence Housing Australia (DHA) are based on DHA's stand-alone credit profile (SACP), which S&P assess at strong, as well as on our opinion that there is "extremely high" likelihood that the Australian government (Commonwealth of Australia, AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to DHA in
