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 capability. Further credit strengths are DFS' monopoly position and stable financial risk profile. DFS' structure is likely to change within the next two years, owing to the German government's intention to partially privatize the company by selling up to 74.9% of the capital. The terms and conditions of the sale, and the sale's effect on DFS' operational and financial structure remain unclear. Although the German government does not guarantee DFS' debt, air traffic control is, at present,
