Strategic role in Germany and 100% ownership by the German government. Monopoly position in a generally high-growth market. Supportive regulatory framework. Stable financial risk profile. Rate-setting mechanism that ensures full recovery of operating and debt-service costs over time. Uncertainty regarding the organization's form after privatization. Limited number of precedents for privatization among international air traffic control operators. A degree of uncertainty regarding the European industry's ultimate framework and structure. Complexity of operations. The ratings on DFS Deutsche Flugsicherung GmbH, 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 capability. Further credit strengths are
