Our view that extraordinary financial support in the event of financial distress from the Federal Republic of Germany is "almost certain." Critical role as Germany's sole air traffic controller for civil and military flights. Integral link to its 100% owner, the federal government of Germany. A lack of proposed privatization in the medium to long term. Excellent business profile as a regulated monopoly. A lack of formal guarantee from the federal government. Weakening credit measures as a result of increasing labor costs and higher pension obligations, which we consider debt-like. The ratings on DFS Deutsche Flugsicherung GmbH (DFS) reflect our view of its "critical" role for its 100% owner the Federal Republic of Germany (unsolicited ratings AAA/Stable/A-1+) and "integral" link
