NY -- Standard&Poor's CreditWire 1/9/98 -- Standard&Poor's today affirmed its triple-`B'-minus corporate credit, senior unsecured debt, and bank loan ratings on Owens Corning and revised the outlook to negative from stable. The affirmation follows the company's plans to take pretax charges totaling $250 million in the 1997 fourth quarter and the 1998 first quarter for restructuring and other related costs to reduce overhead, close manufacturing facilities, and enhance manufacturing productivity. The outlook revision is due to greater-than-expected earnings weakness at the insulation business. Credit quality reflects Owens Corning's status as the world's largest glass fiber products maker and adequate cash flow generation, but also a weak balance sheet, reflecting ongoing asbestos litigation and substantial acquisition activity
