The ratings on DFS Deutsche Flugsicherung GmbH, 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 DFS' monopoly position and a stable financial profile. In December 2004, the government announced its intention to sell up to 74.9% of its shareholding in DFS in 2006. At present, although the government does not guarantee DFS' debt, air traffic control is a sovereign function that, by law, must be provided by a 100% government-owned monopoly. Despite the absence of legal mechanisms to provide financial support to DFS in either normal or extraordinary
