NEW YORK (Standard&Poor's) Feb. 28, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on Owens Corning to negative from stable. We affirmed all ratings, including the company's 'BBB-' corporate credit rating. "The outlook change reflects Owens Corning's expectations of substantially weaker earnings in 2008, driven by the ongoing housing downturn," said Standard&Poor's credit analyst Pamela Rice. "In addition, the outlook revision reflects our uncertainties regarding the depth and duration of the housing downturn. Owens Corning has taken steps to weather the downturn through production discipline, headcount reductions, and other cost-savings initiatives. Our economists are forecasting 2008 annual housing starts to fall to fewer than 900,000 and believe remodeling spending will moderate. As
