Good credit ratings and solid financing
With “A+/A-1/outlook stable” from rating agency Standard & Poor’s and “A1/P-1/outlook stable” from Moody’s, we have good credit ratings, especially in comparison with competitors in the chemical industry.
At the end of 2014, the financial indebtedness of the BASF Group was €15.4 billion with liquid funds of €1.7 billion. The average maturity of our financial indebtedness was 5.7 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, which are not currently being used.
Around 30 ﬁnancial analysts regularly publish studies on BASF. At the end of 2014, 41% recommended buying our shares (end of 2013: 45%) and 38% recommended holding our shares (end of 2013: 45%), while 21% had a sell rating (end of 2013: 10%). On December 31, 2014, the average target share price according to analyst consensus estimates was €77.45.