Strong competitive positions in most of the group's businesses, notably for large commercial aircraft. Financial flexibility and liquidity position, with low financial maturities in 2011-2015. Strong order backlog of €454 billion as of June 30, 2011, representing about 10 years of production based on current production levels. Gradually increasing defense business and earnings contributions from this more stable source of income. Structural disadvantage and risk of dollar-oriented revenue base whereas two-thirds of costs are in euros. Exposure to cyclical commercial aerospace segment through its Airbus division. Operational risk associated with restructuring and the execution of major aircraft programs. Complexity of management structure. The ratings on Netherlands-based European Aeronautic Defence and Space Co. N.V. (EADS) are supported by the company's position
