Germany's DFS affirmed at 'AAA/A-1+' on expected state support - S&P
Services said it has affirmed its 'AAA' long-term and 'A-1+' short-term corporate
credit ratings on German air traffic control company DFS Deutsche Flugsicherung
GmbH (DFS), due to strong links with, and expected extraordinary support from
the German state, its sole owner.
The outlook is negative, reflecting "the uncertainties regarding DFS's future credit profile, rate-charging mechanism, and capital structure should the privatization take place over the medium term," said S&P's credit analyst, Ralf Etzelmueller.
The German government is still undecided if, when, and how privatization would occur and what DFS's future ownership structure will look like, S&P said.
It, however, said it does not expect to revise the outlook back to stable in the medium term given the willingness of the German government to privatize the state-owned air traffic controller.