DFS Deutsche Flugsicherung GmbH (DFS), the German air navigation company, continues to benefit from its critical public-service role for and integral link with the federal government. It is providing the sovereign public service, is 100% state owned and the government has strong control over the company's operations. In 2014, the federal government reiterated its close oversight regarding DFS' financials with the commitment to provide a €500 million capital injection for the company over 2015-2019 to offset its higher pension costs. We are affirming our 'AAA/A-1+' issuer credit ratings on DFS. The stable outlook reflects the outlook on Germany. On July 28, 2015, Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' issuer credit ratings on German air navigation company DFS Deutsche
