Almost certain likelihood of support from sole owner Germany. Critical role as the dominant air traffic provider for civilian and military flights in Germany. Stable legal framework for operations, including provisions for recovering fee shortfalls, which has proven to withstand financial stress during the COVID-19 pandemic. Weakening profitability and low margins. Very high pension obligations, mitigated by legal framework allowing for recovery of pension liabilities through fees. S&P Global Ratings' stable outlook on DFS Deutsche Flugsicherung GmbH (DFS) reflects that on Germany (unsolicited AAA/Stable/A-1+). 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. We coul lower our ratings
