NEW YORK (Standard&Poor's) Aug. 18, 2003--Standard&Poor's Ratings Services said today it placed its ratings on Precision Castparts Corp., including the 'BBB-'/'A-3' corporate credit ratings, on CreditWatch with negative implications after the company announced it is acquiring SPS Technologies Inc. for $575 million plus assumed debt. "The CreditWatch placement reflects the weaker financial profile of Precision Castparts due to the increased debt from the acquisition and general integration risks," said Standard&Poor's credit analyst Christopher DeNicolo. The $575 million consideration for SPS Technologies' equity will be approximately half cash and half Precision Castparts stock. The cash portion, fees, and the possible repayment of SPS Technologies' debt will be financed by an additional $200 million bank term
