LONDON (Standard&Poor's CreditWire) April 20, 2000--Standard&Poor's today affirmed its 'A-1'-plus short-term corporate credit and commercial paper ratings on BASF AG and BASF Corp. At the same time, the ratings are removed from CreditWatch, where they were placed with negative implications on March 21, 2000, after the group had announced that it would acquire American Cyanamid Co. (Cyanamid; not rated), and also pursue its significant share buyback program. BASF Corp. is BASF AG's single most important subsidiary, operating the group's entire business in the U.S., which is the world's largest chemical products market. Standard&Poor's believes that the acquisition and the share buyback program are consistent with the ratings; particularly as the repurchase is not expected
