FRANKFURT (Standard&Poor's) Jan. 19, 2006--Standard&Poor's Ratings Services said today it affirmed its 'AA-' long-term and 'A-1+' short-term corporate credit ratings on Germany-based chemicals producer BASF AG. The ratings were removed from CreditWatch, where they were placed on Jan. 3, 2006, following the hostile offer for Engelhard Corp. (A-/Watch Pos/A-2) and the intention to make an offer for the construction chemicals business of Degussa AG (BBB+/Watch Neg/A-2). The outlook is negative. "The negative outlook reflects BASF's demonstrated appetite for acquisitions, along with share buybacks and high dividend payments, which have consumed much of the company's financial flexibility at the current rating level," said Standard&Poor's credit analyst Tobias Mock. "The expected cost and incremental debt burden
