Strategic role in Germany and for the time being 100% owned by the German government Monopoly position in a high-growth market Existing supportive regulatory framework Stable financial profile with a supportive rate-setting mechanism Uncertainties regarding the time frame for privatization and the organization's subsequent form and regulatory regime Complexity of operations The ratings on DFS Deutsche Flugsicherung GmbH, Germany's monopoly air traffic control organization, are based on its strong links with, and support from, its sole owner, the Federal Republic of Germany (AAA/Stable/A-1+). DFS' activities are of strategic importance to the country's economy, public safety, and defense capability. The charging regime allows for full recovery of operational costs and debt-service over time, which results in a stable financial risk profile.
