NY -- Standard&Poor's CreditWire 5/30/97 -- Standard&Poor's today has affirmed its triple-`B'-minus rating on Owens Corning's senior unsecured debt following the recent announcement that it has entered into a definitive agreement to acquire Fibreboard Corp. for about $640 million. The corporate credit rating is triple-`B'-minus. The transaction would be a plus for Owens Corning's business fundamentals, since it would expand building materials offerings and enable the company to become a leading producer of vinyl siding. Debt will increase substantially with this acquisition, lowering pro forma cash flow protection measures to a level that is weak for the existing rating. Financial flexibility for additional, meaningful debt-financed activity would be limited. However, Standard&Poor's expects management to
