Research Update: DFS Deutsche Flugsicherung GmbH Ratings Affirmed At 'AAA/A-1+'; Outlook Stable

In our opinion, the Federal Republic of Germany would provide timely financial support to DFS Deutsche Flugsicherung GmbH if needed in an event of financial distress. As an air navigation provider in a monopoly situation, DFS provides a key infrastructure service on behalf of the federal government. It is a key public policy role that cannot be replaced easily. As the regulator and 100% owner, the government's link with the company is integral. We are therefore affirming our 'AAA/A-1+' ratings on DFS. The stable outlook reflects our view that the likelihood of extraordinary government support for DFS is unlikely to diminish. On July 25, 2017, S&P Global Ratings affirmed its 'AAA/A-1+' long- and short-term issuer credit ratings on DFS Deutsche

...In our opinion, the Federal Republic of Germany would provide timely financial + support to DFS Deutsche Flugsicherung GmbH if needed in an event of financial distress. As an air navigation provider in a monopoly situation, DFS provides a key + infrastructure service on behalf of the federal government. It is a key public policy role that cannot be replaced easily. As the regulator and 100% owner, the government's link with the company is + integral. We are therefore affirming our '###/A-1+' ratings on DFS. + The stable outlook reflects our view that the likelihood of extraordinary + government support for DFS is unlikely to diminish....

Research Update