Leading positions in niche markets for aerospace forgings, castings, structures, and fasteners. Strong profit margins due to the company's ability to effectively manage costs, improve operating efficiency, and successfully integrate acquisitions. Exposure to the cyclical and competitive commercial aerospace industry. Credit ratios are likely to improve over the next few years. Likely to use solid free cash flows for acquisitions, with possible support from its parent for larger purchases. Strong liquidity. The stable outlook reflects our expectations that credit ratios will remain appropriate for the rating in 2018, with funds from operations (FFO) to debt of 40%-45%. We foresee moderate revenue growth resuming as the oil and gas market stabilizes and growth on new commercial aerospace programs are offset by
