...May 7, 2020 CENTENNIAL (S&P Global Ratings) May 6, 2020--S&P Global Ratings today assigned its '###' issue-level rating to Owens Corning's proposed $300 million senior unsecured notes. The company will use the proceeds from these notes for general corporate purposes, including retaining the proceeds as balance sheet cash, in order to enhance liquidity. Our '###' long-term issuer credit rating on Owens Corning incorporates a sufficient downside cushion on the credit ratios at the current rating level. We have revised our expectations for 2020 based on our updated view of the current recessionary conditions, expected reduction in housing activity (both new construction and repair and remodeling), and the company's first quarter 2020 earnings' call discussion. We now expect credit measures to deteriorate in 2020, with debt leverage possibly rising to the mid-3x area by the end of the year before returning to the 2x-3x range in 2021, as business conditions improve. Our base case scenario now...
