Fitch Ratings

The A380 has been partially financed by government
launch aid, offsetting some of Airbus’ exposure to the
program. Although technically a loan, the launch aid
is tied to deliveries of the aircraft type for which the
aid was furnished. As a result, Airbus’ obligation for
this loan is tied to the success of the program
reducing the effect that the failure of the A380 would
have on liquidity. Because of this repayment
structure, Fitch does not treat launch aid as debt.
page 5&6
http://www.leeham.net/filelib/fitchnov06.pdf