Critical role as Germany's sole air traffic controller for civil and military flights; this role is unlikely to be privatized in the next five-to-10 years. Integral link to its 100% owner, the German government. A monopoly service provider in a supportive regulatory environment. Low financial debt and, hence, low cash interest expense, resulting in a strong cash interest coverage ratio. Structurally solid funds from operations (FFO) owing to DFS Deutsche Flugsicherung GmbH's monopoly position and regulated operations. Exposure to some changes in traffic volumes and full cost variances stemming from the new European regulation introduced in 2012. Weak core credit measures, largely as a result of high pension obligations, which we consider debt-like. The ratings on DFS Deutsche Flugsicherung GmbH
