Leading market shares; Strong brand names; Good product and end-market diversity, and increasing geographic spread; and Sound operating cash flow generation through a cycle. Significant exposure to highly cyclical construction markets; Highly competitive industries; and Somewhat more aggressive-than-expected share repurchase activity. The ratings on Toledo, Ohio-based Owens Corning (OC) reflect the company's satisfactory business risk profile, supported by leading market positions, well-known brand names, good product and end-market diversity, increasing geographic footprint, and improving cost structure. The ratings also reflect the company's participation in cyclical and competitive markets, ongoing depressed U.S. housing demand, and volatile roofing performance. The company's intermediate financial risk profile reflects good operating cash flow generation, and prospects for stronger credit measures following recent meaningful debt reduction.
