Almost certain likelihood of support from the government of Germany. Monopoly position in an above average growth market. Extremely protective system including supportive rate-setting and full cost recovery mechanism. Easily manageable debt maturity profile. Huge pension liabilities inducing negative equity and weak adjusted coverage ratios. Very weak cash balance sheet. Possibility of negative cash flows for two consecutive years. The 'AAA' ratings on DFS Deutsche Flugsicherung GmbH (DFS) are based on the group's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'A', as well as on our opinion that there is an "almost certain" likelihood that the German Federal government would provide timely and sufficient extraordinary support to DFS in the event of financial distress. In
