The ratings on Defence Housing Australia (DHA) reflect the institution's ownership and oversight by the Australian government (from which it sources 100% of its borrowings), its relatively stable and predictable revenue streams, and its key support role for the Department of Defence ("Defence"). DHA's close relationship with the Australian government underpins its credit quality. All of DHA's borrowings are sourced through the government, and its exposure to refinancing risk is limited. In addition, the Australian government has a strong system of regulatory oversight; for example, DHA's borrowings are subject to finance minister approval, and its financial statements must be audited by the Federal auditor general and tabled in Parliament. DHA's stand-alone credit quality benefits from a relatively stable and predictable
