The improved economic environment and recovery in the airline industry have resulted in an improvement in the financial ratios of Germany-based aviation group Deutsche Lufthansa AG (Lufthansa). We are revising the outlook on Lufthansa to stable from negative. We are affirming the 'BBB-' long-term and 'A-3' short-term corporate credit ratings on Lufthansa, as well as the 'BBB-' senior unsecured debt ratings. The stable outlook reflects our view of Lufthansa's solid liquidity and that the strengthening economic and industry environment should allow Lufthansa to sustain the improvements in its credit metrics. On Nov. 30, 2010, Standard&Poor's Rating Services revised its outlook on Germany-based aviation group Deutsche Lufthansa AG (Lufthansa) to stable from negative. At the same time, we affirmed
