NEW YORK (Standard&Poor's) July 13, 2006--Standard&Poor's Ratings Services said today that it assigned its 'BBB-' bank loan rating to the proposed $2.4 billion senior unsecured credit facility of Toledo, Ohio-based Owens Corning (D/--/--), based on preliminary terms and conditions. "We expect to assign our 'BBB-' corporate credit rating to the company if Owens Corning and its major U.S. subsidiaries emerge from Chapter 11 bankruptcy proceedings in October 2006 as currently planned," said Standard&Poor's credit analyst Pamela Rice. "We expect the outlook to be stable." The credit facility is comprised of a $1 billion revolving credit facility and a $1.4 billion delayed-draw term loan, both due in 2011. "The facility is rated the same as
