Highly rated revenue counterparty (Commonwealth of Australia) Strong liquidity, with line of credits provided by the Commonwealth of Australia Ownership and interaction with the Commonwealth of Australia and its strategic importance to Defence Exposure to cyclical residential market Sizable off-balance-sheet liabilities associated with operating lease commitments Risks associated with sale-and-leaseback of developed housing, and surplus property disposals to fund its capital program The stable outlook on Defence Housing Australia's (DHA) reflects that on the Commonwealth of Australia and our expectation that DHA will remain the government's primary provider of accommodation for ADF personnel. While DHA's role will continue to evolve over time, we expect it to remain very important to the government. We could lower that ratings if the same
