Exceptionally strong credit protection measures and liquidity; Leading positions in niche markets; and Efficient operations and solid profitability. Core markets (commercial aerospace and industrial gas turbine) are highly cyclical, although industry conditions have improved in recent months; and Acquisitions are an important part of growth strategy. Standard&Poor's Ratings Services' ratings on Portland, Ore.-based Precision Castparts Corp. reflect our expectations that the company's credit protection measures and liquidity, which are currently exceptionally strong with a funds from operations (FFO) to total debt ratio of about 300% and total debt to capital around 5%, will remain appropriate for the ratings even with likely additional debt-financed acquisitions and the highly cyclical nature of the company's core markets. Precision Castparts' leading niche
