NEW YORK (Standard&Poor's) Oct. 24, 2006--Standard&Poor's Ratings Services said today that it assigned its 'BBB-' debt rating to Owens Corning's (D/--/--) proposed offering of no more than $1.2 billion of senior unsecured notes to be issued in two tranches under Rule 144a with registration rights. The rating is based on preliminary terms and conditions, as well as the company's planned legal entity restructuring. The rating also incorporates the expectation that we will assign a 'BBB-' corporate credit rating to Toledo, Ohio-based Owens Corning when it emerges from bankruptcy at the end of October 2006 as currently planned. We expect the outlook to be stable. The notes will be guaranteed by certain of Owens Corning's wholly owned
