NY -- Standard&Poor's CreditWire 7/30/97 -- Standard&Poor's today has affirmed Owens Corning's triple-`B'-minus senior unsecured debt and corporate credit rating following the company's announcement that it has entered into an agreement to acquire AmeriMark Building Products Inc. for $310 million. The transaction further expands Owens Corning's vinyl siding capacity following the recent acquisition of Fibreboard Corp., and broadens the company's distribution network. Debt has increased significantly since year end to over $2.1 billion currently, lowering pro forma cash flow protection measures to a level that is weak for the existing rating. However, the company expects to strengthen balance sheet integrity by using proceeds from an announced $300 million hybrid equity offering and about $200 million of
