The ratings on Portland, Ore.-based Precision Castparts Corp. are based on its leading niche positions in most of its markets, considerable business diversity, efficient operations, and a satisfactory overall credit profile. Ratings also acknowledge currently depressed conditions in the commercial aircraft market. No major acquisitions or share repurchases are factored into the ratings. The company is a manufacturer of complex metal components and products, and the leader in large structural investment castings, airfoil castings, and forged components used primarily in jet aircraft engines. The aerospace market represents about 50% of total sales. The balance is derived mainly from industrial gas turbines that are used to generate power, fluid management products (valves, pumps, and instruments), and metalworking tools and machines for
