The ratings on DFS Deutsche Flugsicherung GmbH, Germany's monopoly air traffic control organization, are based on its strong links with, and support from, its sole owner, the Federal Republic of Germany (AAA/Stable/A-1+). DFS' activities are of strategic importance to the country's economy, public safety, and defense capability. The charging regime allows for full recovery of operational costs and debt-service over time, which results in a stable financial risk profile. DFS' future ownership structure is uncertain given the government's proposals to privatize the company by selling up to 74.9% of the capital. The proposed law is attracting discussions about the state's constitutional ability to privatize the company. The German president refused to sign the proposed law and it is now uncertain
