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 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 2001, BASF had sales of about €32.5 billion ($29 billion). The group's size and diversity allow for efficient portfolio management. This represents an important source of strategic flexibility, which has been particularly evident over the past two years. In the first quarter of fiscal 2001, BASF finalized the divestiture of its Knoll ethical pharmaceuticals
