Good credit ratings and solid financing
BASF has good credit ratings, especially in comparison with competitors in the chemical industry. BASF was rated “A1/P-1/outlook stable” by rating agency Moody’s and “A+/A-1/outlook negative” by Standard & Poor’s. We have solid financing. At the end of 2015, the financial indebtedness of the BASF Group was €15.2 billion with liquid funds of €2.2 billion. The average maturity of our financial indebtedness was 5.2 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 SE 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.
Financial position
Notes to the Consolidated Financial Statements
Analysts’ recommendations
Around 25 financial analysts regularly publish studies on BASF. At the end of 2015, 32% recommended buying our shares (end of 2014: 41%) and 40% recommended holding them (end of 2014: 38%), while 28% had a sell rating (end of 2014: 21%). On December 31, 2015, the average target share price according to analyst consensus estimates was €76.86.