The ratings on Defence Housing Authority (DHA) reflects its supportive relationship with the Commonwealth Government, for both revenues and debt funding. DHA's strong stand-alone credit quality is backed by its healthy operational performance, which is driven by a relatively stable and predictable revenue stream and an adequate financial position. DHA has an important role in the delivery of Defence's operations and there are a number of close linkages with the Commonwealth (for example, all debt is borrowed from the government rather than the private sector. Therefore, Standard & Poor's directly links the credit standing on DHA with the that of the Commonwealth. However, the rating on DHA is not equated with that on the Commonwealth because there is no formal
