Good credit ratings and solid financing

Solid financing

  • Financial indebtedness of the BASF Group around €13.4 billion at year-end 2012; average maturity of 3.4 years
  • Commercial paper program with an issuing volume of up to $12.5 billion
  • Committed, unused back-up lines of €3 billion and $2.25 billion

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 2012, the financial indebtedness of the BASF Group was around €13.4 billion with liquid funds of approximately €1.8 billion. The average maturity of our financial indebtedness was 3.4 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 backup 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.

Analysts’ recommendations

Around 30 financial analysts regularly publish studies on BASF. At the end of 2012, 58% of these analysts had a buy rating for our shares (end of 2011: 50%) while 42% of analysts recommended holding our shares (end of 2011: 44%). There were no sell ratings (end of 2011: 6%). On December 31, 2012, the average target share price according to analyst consensus estimates was €70.56.