Moody's affirms Precision Castparts

Moody's Investors Service said it affirmed Precision Castparts Corp.'s Baa1 senior unsecured and P-2 short-term ratings, and revised the outlook to positive from stable.

The affirmation recognizes substantial de-leveraging, application of funds toward debt reduction as obligations have fallen due and a favorable liquidity profile even after the recent acquisition of Carlton Forge, according to the agency.

Ratings also consider the underlying cyclical end-markets and a corporate strategy that continues to include acquisitions to supplement organic potential, the agency said.

The issuer has a debt-to-EBITDA ratio of 0.4 times.

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