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S&P revises BASF view to stable
S&P said it revised BASF’s outlook to stable from negative and affirmed its A rating.
“We expect a swift recovery of BASF's credit metrics in 2021, due to improved operating performance.We forecast S&P Global Ratings-adjusted FFO to debt will strengthen to 40%-42% by end-2021, mainly due to a swift rebound in operating performance amid favorable market conditions. The strong recovery in market demand started in fourth-quarter 2020 and has continued into 2021. In first-half 2021, sales were up 33% to €39.2 billion, and the company reported EBIT before special items up 151% to €4.7 billion,” S&P said in a press release.
The new outlook indicates that solid market conditions, combined with BASF's continuous strict cost and capital-spending control, should help it improve credit metrics. The agency said it forecasts S&P Global Ratings-adjusted funds from operations to debt should sit comfortably above 35% by 2021.
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