The ratings on Germany-based chemicals producer BASF AG continue to reflect the group's modest financial risk and its global leadership as an integrated chemicals 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 €40.8 billion ($49.2 billion) for the 12 months ended Sept. 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,
