The ratings on DFS Deutsche Flugsicherung GmbH (DFS), Germany's air traffic control organization, are based on the support of the Federal Republic (AAA/Stable/A-1+), DFS' sole owner, and the strategic importance of air traffic control to the country's economy, public safety, and defense. Further credit strengths are its monopoly position in a generally high-growth but low-risk business, a stable financial profile, and manageable capital expenditures. DFS, the successor to a centralized federal authority, was incorporated in 1993. Although the government does not guarantee the organization's debt, air traffic control is a sovereign function, which, by law, must be provided by a 100% government-owned monopoly. DFS is responsible for both civil and military flights. The Federal Ministries of Defense, Transport, and Finance
