NEW YORK (Standard&Poor's CreditWire) Aug. 3, 2000-- Standard&Poor's today lowered the corporate credit, senior unsecured, and bank loan ratings of Owens Corning to double-'B'-minus from double-'B'-plus. The ratings are removed from CreditWatch where they were placed on June 26, 2000. The outlook is stable. The downgrades reflect the likelihood that cash flow protection and debt leverage measures will remain weak. Profitability will probably be at meaningfully lower levels over the next couple of years versus expectations last year for an earnings rise. Moreover, asbestos litigation outlays will be a more significant and constant drain on resources than anticipated last year. Credit quality also incorporates Owens Corning's leading market shares in insulation, roofing, vinyl siding, and composite
