...Strengths: Weaknesses: + Almost certain likelihood of support from the sole owner, the Federal Republic of Germany. + Critical role as the dominant air traffic provider for civilian and military flights in Germany. + Stable legal framework for operations. + Weakening profitability and low margins. + High pension obligations, mitigated by low financial debt. Outlook S&P Global Ratings' stable outlook on Germany's air navigation service provider DFS Deutsche Flugsicherung GmbH (DFS) reflects that on Germany. We believe that DFS will retain its critical role for, and integral link with, Germany. We therefore expect the ratings on DFS to move in line with those on the sovereign. In addition, we might consider a negative rating action if we saw any indication of a weakening of DFS' critical role for, or integral link with, the German government. For instance, if we saw adverse developments on the company's importance in air traffic control, the ratings could come under pressure. Nevertheless,...
