Exposure to the cyclical and price-competitive commercial airline industry. High customer concentration and limited bargaining power with its customers. Strong market position and high customer retention rates. Meaningfully indebted capital structure, with weighted average funds from operations (FFO) to debt of between 18%-20%. Structurally volatile cash flows due to the company's exposure to the highly cyclical commercial airline industry, which also entails one-off risks. Company exposed to foreign exchange translation risks. The stable outlook on Switzerland-based gategroup Holding A.G. (gategroup), a provider of products, services, and solutions to airline passengers, reflects Standard&Poor's Ratings Services' view that the company will continue to perform resiliently, at least maintaining its EBITDA margin at current levels. In our opinion, an improvement in
