Our credit view of this issuer reflects its vertical integration, allowing operating flexibility and economies of scale, offset by its expectation of negative Moody's-adjusted FCF.
Our credit view of BASF (SE) reflects its leading global market positions across key geographies, offset by its expectation of negative Moody's-adjusted FCF.
Our credit view reflects our expectation of credit metrics that position the rating adequately in the A3 category, against the expectation of negative Moody's-adjusted FCF.