On Sept. 27, 2004, Standard&Poor's Ratings Services affirmed its ratings, including the 'BBB-/A-3' corporate credit ratings, on Precision Castparts Corp. The outlook remains positive. About $1 billion of debt is outstanding. The rating affirmation followed Precision Castparts' announcement that it has agreed to sell the pump and the majority of its valve businesses of its Fluid Management Products segment in separate cash transactions together valued at $116 million. Proceeds will be redeployed in niche acquisitions within the firm's core competencies, expected to be pursued in a balanced way. In connection with the divestitures (which accounted for less than 10% of sales and a much smaller portion of earnings in the last quarter ended June 27, 2004), the company
