The ratings on Germany-based chemicals producer BASF SE (formerly BASF AG) reflect the group's modest financial risk profile and its global leadership as a fully 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 €59.2 billion ($93 billion) for the 12 months ended March 31, 2008. BASF commands leading market positions in the majority of its activities and is strongly diversified by activities, products, and regions. The group benefits from high barriers to entry, such as its technological expertise; high capital intensity; customer relationships; and good cost position, thanks to a high degree of backward integration in most of its businesses. The group's size
