The ratings on Germany-based chemicals producer BASF AG reflect the group's modest to minimal financial risk and its global leadership as an integrated chemical producer, benefiting from a broadly diversified portfolio of commodity and specialty chemicals, crop protection products, and oil and gas activities. BASF had sales of almost €39.8 billion ($49.7 billion) for the 12 months ended June 30, 2005. The group's size and diversity allow for efficient portfolio management, which represents an important source of strategic flexibility. Since 1999, BASF has spent €8.8 billion on acquisitions and received €9.7 billion in disposal proceeds. The company intends to further reduce its strong dependence on the core chemicals business by investing in activities that follow different cycles, such as agrochemicals,
