The ratings on BASF AG reflect the group's broadly diversified portfolio of commodity and specialty products, leading market positions in the global chemicals industry, and ability to run large and low-cost integrated production sites. The increasing importance of the group's activities in crop-protection products and fine chemicals, and its growing strategic position in the European energy market further strengthen the business profile. In fiscal 2000, BASF had sales of about €36 billion ($33.7 billion). The size and diversity of the group allow for efficient portfolio management, which represents an important source of strategic flexibility. In the first quarter of this year, BASF finalized the divestiture of its Knoll ethical pharmaceuticals business to Abbott Laboratories Inc. (AA/Stable/A-1+) for $6.9 billion. The
