Lufthansa's dominant market shares at its Frankfurt, Munich, Zurich, and Vienna hubs. Diversity of operations outside the passenger airline business, offering more stability than if the company were solely an airline. Good exposure to high-yielding, premium long-haul traffic across its route portfolio. Exposure to the high-risk airline industry. Higher cost base than some peers. Significant financial risk profile, with S&P Global Ratings'-adjusted ratio of adjusted funds from operations (FFO) to debt of about 25%-26% in 2017-2018 (carrying forward 2016 pension adjustments). Sizable and volatile pension obligations that can lead to material differences in financial ratios if key assumptions about pensions change. Track record of credit-supportive actions by Lufthansa to offset pension volatility, including stopping dividend payments, adjusting capital expenditures (capex),
