The ratings on Precision Castparts Corp. are based on leading niche positions in most of its markets, considerable business diversity, and good progress made in strengthening credit protection measures. The November 1999 debt-financed acquisition of Wyman-Gordon Co. improved Precision Castparts' business profile but raised its financial risk. Standard&Poor's anticipates that the company's sizable free cash flow will be applied partly to further debt reduction, which should raise funds from operations to debt to the 25%-30% range and lower debt to capital to the 45%-50% range. No major acquisitions or share repurchases are factored in the ratings. Precision Castparts is a worldwide manufacturer of complex metal components and products, and the leader in large structural investment castings, airfoil castings,
