Leading positions in niche markets; Efficient operations; and Satisfactory overall financial profile. Almost half of revenues derived from the depressed commercial aircraft market; and The SPS acquisition would materially increase debt levels. The ratings on Portland, Ore.-based Precision Castparts Corp. are supported by its leading niche positions in most of its markets, considerable business diversity, efficient operations, and a satisfactory financial profile. The ratings also take into account the highly cyclical nature of core markets. The company is a manufacturer of complex metal components and products, and the leader in large structural investment castings, airfoil castings, and forged components used primarily in jet aircraft engines. Nonaerospace operations are mainly industrial gas turbines that are used to generate power, fluid management
