Strategic role in Germany and 100% owned by the German government Monopoly position in an above average growth market Benign regulatory system including supportive rate-setting mechanism Complexity of operations More aggressive balance-sheet structure following the change in accounting standards The ratings on DFS are based on strong links with, and expected extraordinary support from, its sole owner the Federal Republic of Germany (AAA/Stable/A-1+). DFS enjoys this support because its activities are of strategic importance to the Germany's economy, public safety, and defense capability. Given the current, challenging European market conditions and the prevailing skepticism of German political parties about the privatization of state-owned enterprises, we consider it very unlikely that a capital privatization of the German air traffic controller will
