The ratings on DFS Deutsche Flugsicherung GmbH (DFS), Germany's air traffic control organization, are based on the support of the Federal Republic of Germany (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 and a stable financial profile. The successor to a centralized federal authority, DFS was incorporated in 1993. Although the government does not guarantee its 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 over Germany. The Federal Ministries of Defense, Transport, and Finance are represented on DFS' supervisory board and
