Strategic role and 100% ownership by the German government. Monopoly position in a generally high-growth market. Supportive regulatory framework. Generally stable financial profile. A limited number of precedents for privatization among international air traffic control operators and a degree of uncertainty regarding the ultimate framework and structure of the industry in Europe. Complex operations. The ratings on DFS Deutsche Flugsicherung GmbH (DFS), Germany's air traffic control organization, are based on the support of the Federal Republic of Germany (AAA/Stable/A-1+), DFS' sole owner, and the strategic importance of air traffic control to the country's economy, public safety, and defense. Further credit strengths are its monopoly position in a generally high-growth, low market-risk industry, and a stable financial profile. The successor to
