The ratings on Germany-based chemicals producer BASF SE reflect Standard&Poor's Ratings Services' view of the company's "strong" business risk profile and global leadership as a fully integrated chemicals producer, and its "modest" financial risk profile. Key strengths underpinning BASF's strong business risk profile include its leading global positions and highly diversified portfolio of commodity, specialty, and agro-chemicals, complemented by modest-sized oil and gas activities. We view BASF's profitability as high and fairly resilient, as illustrated by strong free cash flow generation, and we believe that its cost structure is competitive, thanks to a high degree of backward integration in most of its businesses. BASF's presence in less-cyclical end markets such as agriculture, personal and home care, nutrition, and
