The ratings on Portland, Ore.-based Precision Castparts Corp. reflect Standard&Poor's Ratings Services' expectations that the company's credit protection measures and liquidity--which are currently exceptionally strong--will remain appropriate for the ratings, even with likely additional debt-financed acquisitions and the highly cyclical nature of the company's core markets. Our "minimal" financial risk profile reflects the company's very low debt leverage and strong cash generation. Precision Castparts' leading niche positions in most of its markets, some business diversity, efficient operations, and strong profitability support our "satisfactory" business profile assessment. In recent years, several acquisitions and internal growth have enhanced the company's market position and operational efficiency. The company made roughly $2.3 billion worth of acquisitions in fiscal 2012 (ended April 1,
