Long-term agreement that codifies risks with Defence Housing Authority's major customer (the Australian Defence Force). 100% of borrowings are sourced from the Commonwealth of Australia. Healthy operational performance, with stable and predictable revenue streams. Challenging capital program funding, which relies on success of significant sale and leaseback program and surplus property disposals. Mid-term review of services agreement The ratings on Defence Housing Authority (DHA) reflects its supportive relationship with the Commonwealth Government, for both revenues and debt funding. DHA's strong stand-alone credit quality is backed by its healthy operational performance, which is driven by a relatively stable and predictable revenue stream and an adequate financial position. DHA has an important role in the delivery of Defence's operations and there are
