World's leading integrated chemicals producer Unique "Verbund" integration strategy that offers cost advantages and energy savings Improving business risk profile, owing to active portfolio management and focus on businesses that do not follow the petrochemicals cycle, such as crop protection Strong product and geographic diversification Strong cash flow generation capability and modest financial risk profile Highly capital-intensive chemicals and oil and gas activities High sensitivity to demand-supply imbalances, resulting in more volatile earnings and cash flows Continuous need for cost and portfolio optimization in the chemicals business High shareholder payouts that reduce flexibility for acquisitions The ratings on Germany-based chemicals producer BASF SE (formerly BASF AG) reflect the group's modest financial risk profile and its global leadership as a fully
