Lufthansa's operating performance in 2016 will likely be below our expectations, owing to softened traffic volumes and continued pressure on ticket prices. In combination with a potential large and sustained increase in its pension deficit, this might have an adverse effect on Lufthansa's credit measures. We are therefore revising our outlook on Lufthansa to negative from stable and affirming our 'BBB-/A-3' ratings on the company. The negative outlook reflects the possibility that we could lower the rating on Lufthansa to 'BB+' in the next one to two years if the company is not able or willing to prevent a potential increase in adjusted financial leverage. On Sept. 15, 2016, S&P Global Ratings revised its outlook on German airline Deutsche Lufthansa
