On Aug. 18, 2003, Standard&Poor's Ratings Services 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. 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 loan (in addition to $240 million of existing loans) and $300 million of senior
