German airline Deutsche Lufthansa AG improved its credit measures in 2015. We believe that 2016 and 2017 will likely be fairly solid years for Lufthansa's EBITDA because of good air traffic and reduced fuel prices. We forecast that the company will maintain its Standard&Poor's-adjusted funds from operations to debt in the mid-20% area in 2016 and 2017, which is consistent with a significant financial risk profile. We are therefore affirming the 'BBB-/A-3' ratings on Lufthansa. The stable outlook reflects our view that Lufthansa will be able to maintain its weighted-average adjusted FFO to debt above 23% in 2016-2017. On April 27, 2016, Standard&Poor's Ratings Services affirmed its 'BBB-/A-3' long- and short-term corporate credit ratings on German
