NEW YORK (Standard&Poor's CreditWire) May 17, 1999--Standard&Poor's today placed its ratings for Precision Castparts Corp. on CreditWatch with negative implications. (See list below.) Standard&Poor's also placed its ratings for Wyman-Gordon Co. on CreditWatch with positive implications. (See list below.) The action follows the announcement that Precision Castparts has agreed to acquire Wyman-Gordon in a cash transaction valued at about $825 million, including the assumption of $104 million of net debt. The double-'B' rating on Wyman-Gordon's $150 million 8% senior notes will be withdrawn if the planned tender offer for those notes is successful. While this combination broadens Precision Castparts' product range, improves the company's competitive position with aerospace customers, and provides opportunities for cost
