Strong market position in Frankfurt, Munich, Zurich, and Vienna. Higher cost base than some peers. Diversity of operations outside the passenger airline business offering more stability than if it were solely an airline. Good exposure to long-haul and premium traffic. Exposure to the volatile airline industry. Significant financial risk profile with our view that the company will be able to improve and maintain adjusted funds from operations (FFO) to debt of about 23%. Significant and volatile pension obligations that can lead to material differences in financial ratios if key assumptions around pensions change. The pension volatility is offset by Lufthansa's credit-supportive actions, including stopping dividend payments for 2014, repaying debt, and the planned hybrid capital issuance. The stable outlook reflects
