NEW YORK (Standard&Poor's) Aug. 27, 2009--Standard&Poor's Ratings Services today said its ratings and outlook on Precision Castparts Corp. (BBB+/Stable/A-2) are unaffected by the company's announcement that it plans to acquire privately-held Carlton Forge Works (unrated) and related entities for $850 million. Carlton Forge manufactures seamless rolled rings for aerospace applications (mostly aircraft engines), expanding Precision Castparts' range of forged products. The company did not disclose how it would finance the purchase, but we expect they will use a combination of cash and short-term debt. As of June 28, 2009, Precision Castparts had $632 million of cash and a fully available $1 billion revolving credit facility, which also serves as backup for any commercial paper outstanding. Credit
