The ratings on Portland, Ore.-based Precision Castparts Corp. reflect Standard&Poor's Ratings Services' expectations that the company's credit protection measures and liquidity--which are currently exceptionally strong--will remain appropriate for the ratings, even with likely additional debt-financed acquisitions and the highly cyclical nature of the company's core markets. Precision Castparts' leading niche positions in most of its markets, some business diversity, efficient operations, and strong profitability and cash generation also support the ratings. We characterize its business risk profile as "satisfactory" and its financial risk profile as "modest" according to our criteria. Precision Castparts manufactures complex metal components and products, primarily for the aerospace industry. It's the leader in large structural investment castings, airfoil castings, and forged components primarily for
