The ratings on Defence Housing Australia (DHA) are based on DHA's stand-alone credit profile (SACP), which S&P assess at strong, as well as on our opinion that there is "extremely high" likelihood that the Australian government (Commonwealth of Australia, AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to DHA in an event of financial distress. In accordance with our criteria for government-related entities (GREs), our view of an "extremely high" likelihood of extraordinary support is based on our assessment of DHA's "Very important" operational role in meeting key social and political objectives of the government and implementing the government's defence policies i.e. facilitating the movement of defence personnel throughout Australia as well as the provision of their housing. DHA also
