The ratings on Portland, Ore.-based Precision Castparts Corp. are supported by its leading niche positions in most of its markets, some business diversity, efficient operations, and a good overall financial profile. The ratings also take into account the highly cyclical nature of core markets and potential for additional acquisitions. In late September and mid-October 2005, Precision Castparts received three related reports of concerns about the proper application of GAAP to several transactions at its Wyman Gordon Forgings' Houston plant (which accounts for about 10% of consolidated sales) and the adequacy of internal controls at that location. The matter was referred to the Audit Committee of the Board of Directors for an independent investigation. Since the investigation was not completed in
