One of the world's leading airline groups, with strong positions at the Frankfurt and Munich hubs. Diversification into nonpassenger revenues, as a leading European provider of cargo transportation; maintenance, repair, and overhaul services; and in-flight catering. Good exposure to profitable long-haul business and higher yielding premium traffic. Strong liquidity position. Weak industry conditions due to slowing economic growth. Participation in the cyclical, price-competitive, and capital intensive airline industry. Profitability sensitive to volatile fuel costs. Highly competitive domestic and European markets. The ratings on Germany-based aviation group Deutsche Lufthansa AG (Lufthansa) reflect Standard&Poor's Ratings Services' view of the company's "satisfactory" business risk profile and "significant" financial risk profile. The "satisfactory" business risk profile reflects our opinion of its strong
