NY -- Standard&Poor's CreditWire 12/15/1998 -- Standard&Poor's today affirmed its triple-'B'-minus corporate credit, senior unsecured, and bank loan ratings on Owens Corning. The outlook is negative. The affirmation on the ratings follows Owens Corning's implementation of its National Settlement Program (NSP), which is designed to better manage the company's personal injury asbestos liabilities and to better control the timing and amount of indemnity payments for pending and future claims. Credit quality incorporates Owens Corning's leading market shares in glass wool fiber insulation, roofing shingles, vinyl siding, and composite materials,and significant internal cash flows. These strengths are tempered by competitive, cyclical markets and a high level of debt and asbestos related liabilities. The cyclicality inherent in these
