Leading positions in niche markets for aerospace forgings, castings, and fasteners Strong profit margins due to the company's ability to effectively manage costs, improve operating efficiency, and successfully integrate acquisitions Exposure to cyclical and competitive commercial aerospace industry Currently depressed credit ratios due to a large debt-financed acquisition last year, but we expect them to rebound in next 12 months Strong free cash flow, used mostly for acquisitions, and a recently instituted $750 million share repurchase program Management, although less conservative than in the past, is likely to maintain modest leverage Exceptional liquidity Standard&Poor's Ratings Services' outlook on Precision Castparts Corp. is stable. Although credit ratios will be depressed following the $3 billion debt-financed Titanium Metals Corp. acquisition,
