The ratings on Germany-based 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 BASF'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 financial year 2000, group sales were about €36 billion ($34 billion). BASF's size and diversity allow for efficient portfolio management, which represents an important source of strategic flexibility. In March 2001, the group finalized the divestiture of its Knoll ethical pharmaceuticals business to Abbott Laboratories Inc. (AA/Stable/A-1+) for $6.9 billion. This follows a considerable reduction in
