Our view that extraordinary financial support in the event of financial distress from the German government is "almost certain." Critical role as Germany's sole air traffic controller for civil and military flights. Integral link to its 100% owner, the German government. Our view of a lack of proposed privatization in the medium to long term. Excellent business profile as a regulated monopoly. The lack of a formal guarantee from the federal government. Regulatory challenges stemming from European regulation, which results in European air traffic controllers taking on more traffic-volume risk. Weak credit metrics, primarily due to higher pension obligations that we consider debt-like, and constrained earnings. The ratings on DFS Deutsche Flugsicherung GmbH (DFS) reflect Standard&Poor's Ratings Services'
