NEW YORK (Standard&Poor's) July 19, 2007--Standard&Poor's Ratings Services said today that its ratings and outlook on Owens Corning (BBB-/Stable/--) are unaffected by several portfolio actions recently announced by the company. Owens Corning is selling its siding solutions business to Compagnie de Saint-Gobain (BBB+/Negative/A-2) for $371 million. The company also plans to sell two European glass fiber reinforcement manufacturing facilities in connection with the proposed formation of a joint venture with Saint-Gobain. At the same time, Owens Corning announced that it is discussing with Saint-Gobain the potential conversion of the proposed joint venture into an outright acquisition by Owens Corning of Saint-Gobain's reinforcement and composites business. We believe these transactions support Owen Corning's satisfactory business risk profile.
