Defence Housing Australia (DHA) is a government business enterprise, providing community standard housing and relocation services primarily for Australian Defence Force (ADF) members with dependents and certain other Department of Defence (Defence) related personnel. The ratings on DHA reflect its relationship with the government of the Commonwealth of Australia (AAA/Stable/A-1+; from which it sources 100% of its borrowings), the government's ownership and oversight of DHA, and DHA's key support role for Defence. DHA has a close relationship with the government, which underpins DHA's credit quality. All of DHA's borrowings are sourced through the government, and DHA's exposure to refinancing risk is limited. In addition, the Commonwealth has a strong system of regulatory oversight. For example, DHA's borrowings are subject to
