LONDON (Standard & Poor's) Dec. 17, 2004--Standard & Poor's Ratings Services said today it revised its outlook on 100% state-owned DFS Deutsche Flugsicherung GmbH (DFS), Germany's air traffic control organization, to negative from stable. The outlook revision is due to the German Federal government's decision yesterday regarding plans to privatize the company. At the same time, Standard & Poor's affirmed its 'AAA' long-term and 'A-1+' short-term corporate credit ratings on the company. The ratings on DFS, Germany's air traffic control organization, are based on the support of the Federal Republic of Germany (AAA/Stable/A-1+), DFS' sole owner, and the strategic importance of air traffic control to the country's economy, public safety, and defense. Further credit strengths are DFS' monopoly position and
