Long-term service agreement, which also codifies Defence Housing Australia's (DHA) obligations and risks with its major customer and owner--the Department of Defence (Defence) Highly rated revenue counterparty (Commonwealth of Australia; unsolicited ratings AAA/Stable/A-1+) that supports DHA's operating stability Ownership and interaction with the Commonwealth of Australia and its strategic importance to Defence Increasing construction and market risk appetite Strong liquidity, with credit lines and borrowings provided by the Australian government Sizable off-balance-sheet liabilities associated with operating lease commitments Risks associated with sale-and-leaseback (SLB) of developed housing, and surplus property disposals to fund its capital program The stable outlook reflects our expectation that Defence Housing Australia (DHA) will remain the government's primary provider of accommodation for Australian Defence Force (ADF) personnel.
