Leading positions in niche markets; Efficient operations and solid profitability; and Very strong financial profile. Core markets—commercial aerospace and industrial gas turbine—are cyclical and experienced sharp declines in the past, although industry conditions are currently fairly healthy; and Acquisitions are an important part of growth strategy. The ratings on Precision Castparts Corp. are supported by the company's leading niche positions in most of its markets, some business diversity, efficient operations, and a very strong financial profile. The ratings also take into account the highly cyclical nature of the company's core markets and likelihood of additional acquisitions. Portland, Ore.-based Precision Castparts is a manufacturer of complex metal components and products, and is the leader in large structural investment castings, airfoil castings,
