NEW YORK (Standard&Poor's CreditWire) June 26, 2000--Standard&Poor's today lowered its ratings on Owens Corning and placed them on CreditWatch with negative implications (see list below). The rating actions follow the recent announcement that full-year 2000 earnings for the company, with leadership positions in glass fiber wool insulation, roofing shingles, vinyl siding, and composite materials, will be 20% below the previous year. Moreover, Owens Corning is expected to increase the asbestos-related liability reserve in the range of $700 million to $1 billion (pretax). The decline in earnings reflects weaker demand in the roofing, siding and insulation businesses because of the softening housing market and higher asphalt and PVC costs. Lower earnings will serve to hamper strengthening of
