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BASF Upgraded To 'A+' On Strong Debt Reduction, More Supportive Financial Policy, Impressive Performance; Outlook Stable
Standard & Poors, May 2011
Abstract
Germany-based chemicals group BASF's 2010 and first-quarter 2011 operating performance has been impressive and we expect its credit metrics to stay well above our previous expectations. We believe management has made debt reduction a priority in 2011, which indicates a more supportive financial policy. We are raising the long-term rating to 'A+' from 'A'. The stable outlook factors in the supportive chemicals industry environment and our expectation that BASF will increase financial flexibility significantly in 2011 through debt reduction. PARIS (Standard & Poor's) May 10, 2011--Standard & Poor's Ratings Services said today that it has raised the corporate credit and unsecured debt ratings on Germany-based chemicals group BASF SE to 'A+' from 'A'. We affirmed the short-term corporate credit rating...
Companies mentioned in this report are: BASF SE,Ciba Spezialitaetenchemie Finanz AG,BASF Finance Europe N.V.
Action: Outlook: Stable
Action: Upgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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