NEW YORK (Standard&Poor's) Oct. 17, 2012--Standard&Poor's Ratings Services said today that it assigned its 'BBB-' issue-level rating to Owens Corning's new senior unsecured notes due 2022. The company is offering the notes under its shelf registration filed Feb. 16, 2012. The company plans to use net proceeds from the sale of the notes to purchase up to $250 million of its $650 million 6.5% senior notes due 2016 and up to $100 million of its 9% senior notes due 2019. Owens Corning plans to use the remaining proceeds to reduce revolving credit borrowings and for general corporate purposes. After adjusting for the proposed transactions and for pension and other obligations, we expect the company will have
