Critical role as Germany's unique air traffic controller for civil and military flights. Integral link to its 100% owner, the federal government. Almost certain likelihood of support from the federal government. Excellent business profile as a regulated monopoly. No formal guarantee from the federal government. Significant financial risk profile due to large pension deficit. The ratings on DFS Deutsche Flugsicherung GmbH reflect our view of its "critical" role for its 100% owner the Federal Republic of Germany (AAA/Stable/A-1+) and 'integral' link between the company and the government, according to our criteria for rating government-related entities (GREs; for more information on our criteria for GREs, see "Rating Government-Related Entities: Methodology And Assumptions," published Dec. 9, 2010, on RatingsDirect). In our assessment,
