S&P rates Precision notes A-

Standard & Poor's said it assigned its A- rating to Precision Castparts Corp.'s 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

According to S&P, proceeds from the issue will be used to fund the pending acquisition of Titanium Metals Corp.

The agency said it also affirmed the ratings on Precision Castparts, citing 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 to 18 months.

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