Summary: DFS Deutsche Flugsicherung GmbH

The ratings on DFS Deutsche Flugsicherung GmbH (DFS) reflect our view of its critical role for its 100% owner, Germany, and the integral link between the company and the government, according to our criteria for rating government-related entities (GREs; see "Rating Government-Related Entities: Methodology And Assumptions," published on Ratings Direct on Dec. 9, 2010). We assess the likelihood of Germany providing extraordinary support to DFS in the event of financial distress as almost certain, which leads us to equalize the ratings on DFS with those on the sovereign. DFS provides air traffic control operations for all civilian and military flights in Germany; this is a public service the federal government has to provide. We consider DFS's service to be highly

...The ratings on DFS Deutsche Flugsicherung GmbH (DFS) reflect our view of its critical role for its 100% owner, Germany, and the integral link between the company and the government, according to our criteria for rating government-related entities (GREs; see "Rating Government-Related Entities: Methodology And Assumptions," published on Ratings Direct on Dec. 9, 2010). We assess the likelihood of Germany providing extraordinary support to DFS in the event of financial distress as almost certain, which leads us to equalize the ratings on DFS with those on the sovereign. DFS provides air traffic control operations for all civilian and military flights in Germany; this is a public service the federal government has to provide. We consider DFS's service to be highly strategically important to German national security and its economic development because any disruption to air traffic would have a major impact on the German economy; hence our view that it plays a critical role. A high proportion...

Summary