...- We expect Deutsche Lufthansa AG (Lufthansa)'s adjusted EBITDA to significantly exceed our previous forecast in 2022 and its free operating cash flow (FOCF; after leases) to turn materially positive thanks to the strong performance in nonpassenger segments and significant rebound in demand for air travel in second-half 2022, which supported by the lower pension deficit, leads to S&P Global Ratings-adjusted funds from operations (FFO) to debt of close to 30% and an upward revision of our stand-alone credit profile (SACP) to '##' from 'b+'. - We think that the air traffic recovery will continue (albeit at a slower pace) in 2023, supporting the relative resilience of credit metrics, but uncertainty persists regarding demand and pricing (yields) amid a recessionary and inflationary backdrop over the next few quarters, which weighs on further rating upside at this time. - We now assess the likelihood of extraordinary financial support from the German government as low and withdrew Lufthansa's...
