LONDON (Standard&Poor's) June 18, 2003--Standard&Poor's Ratings Services said today it affirmed its 'BBB+/A-2' corporate credit ratings on Germany-based aviation group Deutsche Lufthansa AG, following a sector review on the possible risks relating to the war in Iraq. The ratings were also removed from CreditWatch, where they had been placed on March 18, 2003. The outlook is negative. Lufthansa reported debt of €3.9 billion ($4.6 billion) and provisions for postretirement liabilities of €4.1 billion, at March 31, 2003. "The affirmation reflects Lufthansa's demonstrated ability to generate positive free operating cash flow and improve its cost structure in an unfavorable trading environment," said Standard&Poor's credit analyst Virginie Casin. "Nevertheless, the ratings remain constrained by the continued
