Standard&Poor's Ratings Services derives its 'A' rating on The Netherlands-based Airbus Group from: Our anchor of 'aa-', based on our assessment of Airbus' "strong" business risk and its "minimal" financial risk profile. Analytical modifiers, which have lowered the anchor by two notches. Strong competitive positions on most of the group's businesses, notably for large commercial aircraft. Strong order backlog of €687 billion in civil and military business, representing about 11 years of production. Structural disadvantage and risk arising from a predominantly dollar-oriented revenue base with a euro cost base. Exposure to the cyclical commercial aerospace segment through its Airbus Commercial division. Operational risk associated with the execution of major aircraft programs. Expectation of free cash flow generation in
