The ratings on DFS Deutsche Flugsicherung GmbH reflect our view of its "critical" role for its 100% owner the Federal Republic of Germany (AAA/Stable/A-1+) and 'integral' link between the company and the government, according to our criteria for rating government-related entities (GREs; for more information on our criteria for GREs, see "Rating Government-Related Entities: Methodology And Assumptions," published Dec. 9, 2010, on RatingsDirect). In our assessment, extraordinary support from Germany in the event of financial distress at DFS is 'almost certain', which leads us to equalize the ratings on DFS with those on the sovereign. We assess DFS' stand-alone credit profile (SACP) as 'a'. Our assessment of DFS' 'critical' role for Germany is based on its air traffic control (ATC)
