Standard&Poor's Ratings Services revised its outlook on Portland, Ore.-based Precision Castparts Corp. to positive from stable on July 1, 2004. About $1 billion of debt is outstanding. The outlook revision was based on solid operating performance and expectations that the financial profile will continue to strengthen. Stabilization of the commercial aerospace market, successful integration of SPS Technologies Inc. (acquired in December 2003), and efforts to improve efficiency are likely to increase free cash flow, to be applied largely to debt reduction. As a result, financial flexibility should be enhanced, with funds from operations to debt and debt to capital at about 30% and 35%-40%, respectively, in the near term. If unfunded postretirement obligations ($320 million, mostly pensions, on
