Good credit ratings and solid financing

Solid financing

  • Financial indebtedness of BASF Group €14.4 billion at year-end 2013; average maturity of 5.5 years
  • Commercial paper program with issuing volume of up to $12.5 billion
  • Committed but unused backup lines of €6 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 2013, the financial indebtedness of the BASF Group was €14.4 billion with liquid funds of €1.8 billion. The average maturity of our financial indebtedness was 5.5 years. The company’s medium to long-term debt financing is predominantly 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 €6 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 2013, 45% of these analysts had a buy rating for our shares (end of 2012: 58%) while 45% of analysts recommended holding our shares (end of 2012: 42%) and 10% had a sell rating (end of 2012: 0%). On December 31, 2013, the average target share price according to analyst consensus estimates was €77.69.