On June 13, 2007, Standard&Poor's Ratings Services revised to stable from negative the outlook on Germany-based chemical producer BASF AG. At the same time, the 'AA-' long-term and 'A-1+' short-term ratings on BASF were affirmed. The outlook revision reflects Standard&Poor's expectation of continuously strong business conditions over the next few years and expectations that BASF will balance investments, share buybacks, and dividend payouts to achieve adequate cash flow protection ratios for the assigned rating. Proof of BASF's financial policy should materialize in the next downturn in the petrochemical cycle, although this is not expected before 2010. The ratings on BASF reflect the group's modest financial risk and its global leadership as an integrated chemicals producer, benefiting
