TEXT-S&P rates Precision Castparts proposed senior notes 'A-'

Dec 17 - Standard & Poor's Ratings Services today assigned its 'A-' rating
to Precision Castparts Corp.'s (A-/Stable/A-1) proposed issuance of
senior unsecured notes. The company plans to issue up to a total of $3 billion
of three-, five-, 10-, and 30-year notes, and will use the proceeds to fund the
pending acquisition of Titanium Metals Corp. (Timet; not rated) and general
corporate purposes. Precision Castparts announced the acquisition last month and
expects it to close by the end of the year.

We affirmed our ratings on Precision Castparts on Nov. 12, 2012, citing our
expectations that credit ratios, which will decline materially from currently
very strong levels following the proposed acquisition, will return to levels
more appropriate for the ratings over the next 12-18 months. We expect that
the strong commercial aerospace market and the company's very successful
history of integrating and improving acquired operations should result in
funds from operations to debt above 60% by the end of fiscal 2014 (ending
March 31, 2014), supporting our "minimal" financial risk profile assessment.
We also believe that the acquisition of Timet will improve Precision
Castparts' competitive position modestly, but not enough to change our already
"satisfactory" business risk assessment.

RELATED CRITERIA AND RESEARCH
-- Precision Castparts 'A-/A-1' Ratings Affirmed On Titanium Metals
Acquisition; Outlook Remains Stable, Nov. 12, 2012

RATINGS LIST

Precision Castparts Corp.
Corporate Credit Rating A-/Stable/A-1

New Rating

Precision Castparts Corp.
Senior unsecured
3-year notes A-
5-year notes A-
10-year notes A-
30-year notes A-

Complete ratings information is available to subscribers of RatingsDirect on
the Global Credit Portal at www.globalcreditportal.com. All ratings affected
by this rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
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