World's leading integrated chemicals producer Unique "Verbund" (integrated) strategy that offers cost advantages and energy savings Diversification benefits of producing commodity chemicals, specialty chemicals, agrochemicals, and oil&gas, as well as regional diversification Strong cash flow generation capability and modest financial risk profile Demand that is sensitive to GDP development Very capital-intensive chemical and oil and gas activities High sensitivity to demand-supply imbalances, resulting in more volatile earnings and cash flows Historically high shareholder payouts that have reduced financial flexibility The ratings on Germany-based chemicals producer BASF SE reflect our view of the group's modest financial risk profile and its global leadership as a fully integrated chemicals producer. It benefits from a broadly diversified portfolio of commodity and specialty
