World-class positions in most of the group's businesses Strong backlog Growing defense business Strong financial flexibility Level of exposure to cyclical commercial aerospace segment Structural disadvantage of dollar-oriented revenue base with a euro cost base Level of operational risk associated with execution of restructuring program Complex corporate governance structure The ratings on Netherlands-based European Aeronautic Defence and Space Co. N.V. (EADS) are supported by the company's position as one of the two global producers of large commercial aircraft, the competitive product portfolio across its businesses, and its conservative financial policy. The ratings also take into account the cyclicality of the commercial airplane business, the high level of execution risk related to the group's restructuring program, and negative impact associated with
