On July 13, 2006, Standard&Poor's Ratings Services assigned its 'BBB-' bank loan rating to the proposed $2.4 billion senior unsecured credit facility of Owens Corning (D/--/--), based on preliminary terms and conditions. Standard&Poor's expects to assign its 'BBB-' corporate credit rating to the company if Owens Corning and its major U.S. subsidiaries emerge from Chapter 11 bankruptcy proceedings in October 2006 as currently planned. We expect the outlook to be stable. The credit facility is comprised of a $1 billion revolving credit facility and a $1.4 billion delayed-draw term loan, both due in 2011. The facility is rated the same as the anticipated corporate credit rating based on our expectations that the amount of priority obligations,
