The ratings on Toledo, Ohio-based Owens Corning reflect the company's strong leading market positions, well-known brand names, good product and customer diversity, and moderate financial policies. The ratings also reflect cyclical, competitive, and mature markets, limited geographic diversity, and raw-material cost pressures. Owens Corning manufactures building products and composite materials focused mainly in North America. Its primary businesses are insulation, roofing and asphalt, glass fiber reinforcement products, vinyl siding, and manufactured stone veneer. Although the company has some balance in its mix of end markets, about one-third of sales is derived from new residential construction, which Standard&Poor's Ratings Services expects to decline over the next two years. Less cyclical repair and remodeling markets, particularly for its roofing business,
