The ratings on Germany-based chemicals producer BASF AG reflect the group's conservative financial profile, its broadly diversified portfolio of commodity and specialty products, its leading market positions in the global chemicals industry, and the increasing importance of the group's nonchemical activities. Over the 12 months ended June 30, 2003, BASF had sales of almost €33 billion ($37 billion). The group's size and diversity allow for efficient portfolio management, which represents an important source of strategic flexibility. In particular, BASF intends to further reduce its strong dependence on the core chemicals business by investing in activities that follow different cycles, such as agrochemicals, and oil and gas. To that end, BASF recently strengthened its portfolio of crop protection products by taking
