...DALLAS (S&P Global Ratings) June 21, 2017--S&P Global Ratings today assigned its '###' issue-level rating to Owens Corning's proposed senior notes. We expect the company will use proceeds in part to fund a portion of the recent $560 million acquisition of Pittsburgh Corning, with the remaining amount applied toward repurchasing all of the company's 9% senior notes due 2019 and a portion of the 7% senior notes due 2036. Our '###' corporate credit rating and stable outlook on Owens Corning are unchanged. This reflects our expectation that even with this new financing, the company will maintain debt to EBITDA between 2x and 3x and funds from operations to debt over 30% through the end of 2017. Our forecast assumes that Owens Corning will not be borrowing under the $350 million bridge loan agreement entered into earlier this month. Our ratings consider Owens Corning's geographic and product diversity, global presence in composites, and leading brands in roofing materials and insulation, as...
