Ratings on Owen Corning were recently lowered to 'D', following the October 5, 2000, announcement that it has voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filing reflects the company's assessment of costs to resolve current and future asbestos claims, together with recent new filings from plaintiff lawyers not participating in its National Settlement Program. Moreover, operating margins and income from operations have deteriorated significantly, penalized by lower demand for building material products as a consequence of increased interest rates, combined with higher energy and raw material costs. Ongoing asbestos litigation led to an unexpected major addition ($1 billion pretax) to the asbestos-related liability reserve in the second quarter of 2000. At the same time,
