NEW YORK (Standard&Poor's) Nov. 1, 2006--Standard&Poor's Ratings Services said today that it raised its corporate credit rating on Owens Corning to 'BBB-' from 'D', following the building products company's emergence from bankruptcy on Oct. 31, 2006. We affirmed all other ratings. The outlook is stable. "Owens Corning's moderate financial policies and ability to generate meaningful free cash flow should permit it to perform in line with our expectations throughout the cycle," said Standard&Poor's credit analyst Pamela Rice. "We could revise the outlook to negative if the downturn in residential construction is worse than we currently expect or if insulation prices drop precipitously and the company is unable to offset weaker results with productivity or
