Exceptionally strong credit protection measures and liquidity Leading positions in niche markets Efficient operations and solid profitability Core markets (commercial aerospace and industrial gas turbine) are highly cyclical, although industry conditions have improved in recent months Acquisitions are an important part of company's 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 almost 400% and total debt to capital below 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 positions in most
