On April 8, 2020, we revised our outlook on Australia to negative from stable, and affirmed the 'AAA/A-1+' unsolicited sovereign credit ratings. The ratings on Defence Housing Australia (DHA) are supported by the credit quality of Australia. In our opinion, there is an extremely high likelihood that the Australian government would provide extraordinary support to DHA. On April 8, 2020, S&P Global Ratings revised the outlook on DHA to negative from stable, and affirmed the 'AA+' long-term and 'A-1+' short-term issuer credit ratings on DHA. We revised the outlook on DHA to negative following a similar action on Australia (AAA/Negative/A-1+) because the ratings on DHA rely on the sovereign ratings (see research update titled, "Australia Outlook Revised To Negative As
