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S&P ups Precision Castparts to AA-/A-1+
Standard & Poor's said it raised its ratings on Precision Castparts Corp., including the corporate credit rating to AA-/A-1+ from A-/A-1.
The long-term ratings were removed from CreditWatch, where they were placed with positive implications on Aug. 11, 2015. The short-term corporate credit rating was not on CreditWatch.
The outlook is stable.
"The upgrade reflects our expectations that Precision Castparts will moderate its financial policy, and our assessment that the company is strategically important to its new owner, Berkshire Hathaway, which acquired the aerospace supplier on Jan. 29, 2016, for a total of approximately $37 billion," S&P credit analyst Christopher A Denicolo said in a news release.
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