With “A+/A-1/outlook stable” from rating agency Standard & Poor’s and “A1/P-1/outlook stable” from Moody’s, BASF has good credit ratings, especially in comparison with competitors in the chemical industry.
At the end of 2011, the financial indebtedness of the BASF Group was around €13 billion with liquid funds of approximately €2 billion. The average maturity of our financial indebtedness was 3.1 years. The company’s medium- to long-term debt financing is based on corporate bonds with a balanced maturity profile. For short-term debt financing, BASF has a commercial paper program with an issuing volume of up to $12.5 billion. As back-up for the commercial paper program, there are committed, broadly syndicated credit lines of €3 billion and $2.25 billion available; these are not being used at this time.
Around thirty financial analysts regularly publish reports on BASF. At the end of 2011, 50% of these analysts had a buy rating for our shares (end of 2010: 73%) while 44% of analysts recommended holding our shares (end of 2010: 21%), and 6% had a sell rating (end of 2010: 6%). On December 31, 2011, the average target share price according to analyst consensus estimates was €60.43.