The ratings on DFS are based on strong links with, and expected extraordinary support from, its sole owner the Federal Republic of Germany (AAA/Stable/A-1+). DFS enjoys this support because its activities are of strategic importance to the Germany's economy, public safety, and defense capability. Given the current, challenging European market conditions and the prevailing skepticism of German political parties about the privatization of state-owned enterprises, we consider it very unlikely that a capital privatization of the German air traffic controller will take place in the medium term. Although we cannot rule out that a privatization of DFS could return to the political agenda, we do not consider this likely for the foreseeable future. DFS's strategic importance to the German state
