U.S.-based insulation, roofing products, and fiberglass composites manufacturer Owens Corning posted record second quarter earnings and has maintained debt to EBITDA of about 2.5x for the past three quarters, a trend we believe will continue. We expect continued gradual improvement in U.S. housing construction and roof replacement will result in continued strong earnings for Owens Corning. We are raising our ratings, including the corporate credit rating, on Owens Corning to 'BBB' from 'BBB-'. At the same time, we are assigning our 'BBB' issue-level rating to Owens Corning's proposed $400 million 10-year senior unsecured notes. The outlook is stable, reflecting our view that Owens Corning will maintain credit measures, including debt to EBITDA of less than 3x and interest coverage of
