Strategic role in Germany and 100% state ownership Monopoly position in a market with above-average growth Existing supportive regulatory framework Benign regulatory system including supportive rate-setting mechanism Uncertainties regarding the timeframe for privatization and the organization's subsequent form and regulatory regime Complexity of operations The ratings on Germany-based air traffic control company DFS Deutsche Flugsicherung GmbH (DFS) are based on strong links with, and expected extraordinary support from, its sole owner the Federal Republic of Germany (AAA/Stable/A-1+) as DFS' activities are of strategic importance to the country's economy, public safety, and defense capability. The German government remains committed to privatizing the company by selling up to 74.9% of the capital. The proposed law has attracted discussions about the state's constitutional
